Stock markets in the United Arab Emirates extended gains from previous sessions on Friday, with Dubai's index bolstered by rise in property stocks and telecom gains boosted Abu Dhabi.
"UAE's stock markets were inching up. Dubai was recovering from this month's corrections as investors return while Abu Dhabi is supported by the resilient oil prices and receding risks," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Dubai's main share index (.DFMGI) rose 1%, bolstered by its property stocks, as blue-chip developer Emaar Properties (EMAR.DU) jumped 2.1% and Telecoms Operator Emirates Integrated Telecommunications (DU.DU) advanced 1.2%.
Emaar Properties listed unit Emaar Development (EMAARDEV.DU) was also up 2.4%.
Dubai index also posted a weekly gain of 0.3%.
In Abu Dhabi, the index (.FTFADGI) added 0.4%, extending gains for a fourth consecutive session, buoyed by a 1.3% hike in Emirates Telecommunications Group (Etisalat) (ETISALAT.AD).
Post Market close, Etisalat Group said it acquired 100% shareholding of online groceries marketplace elGrocer in an acquisition value not exceeding 38 million dirhams ($10.35 million).
Abu Dhabi index closed 0.7% higher on a weekly basis.
The UAE moved to a Saturday-Sunday weekend from the start of 2022, to better align with the global market.
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