Abu Dhabi index closed higher on Friday, in line with oil prices after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices, while Dubai bucked the trend.
Trump told business leaders at the World Economic Forum in Davos, Switzerland, on Thursday that he wanted to lower global oil prices, interest rates and taxes.
Oil prices - a key catalyst for the Gulf's financial market - rose on Friday with Brent crude gaining 0.52% to $78.70 a barrel by 1145 GMT
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.2% higher, extending gains to the fifth session with the largest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, rising 1% and Adnoc Drilling (ADNOCDRILL.AD), opens new tab increasing 0.5%.
Among the gainers, National Bank of Ras Al Khaimah (RAKBANK.AD), opens new tab surged 7.1% after the lender reported a 16.4% growth in full-year net profit after tax to 2.1 billion dirhams ($571.79 million).
Abu Dhabi's outlook remains optimistic, with upcoming fourth-quarter results potentially providing additional support if they prove favourable, said Joseph Dahrieh, Managing Principal at Tickmill.
However, Dubai's main index (.DFMGI), opens new tab fell 0.4%, snapping a three-session gaining streak, dragged down by losses in heavyweight real estate and utilities sector stocks.
Dubai's biggest developer Emaar Properties (EMAR.DU), opens new tab declined 1.5% and state-run utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab shed 1.2%.
Dubai and Abu Dhabi markets recorded 0.3% and 0.7% gains respectively on a weekly basis according to LSEG data.
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