Stock markets in the United Arab Emirates rebounded on Friday, a day after registering sharp declines on fears of high inflation and the impact of rising interest rates, but registered weekly losses.
In Abu Dhabi, the index (.FTFADGI) jumped 2.9%, clawing back some of its losses from the previous session when it fell over 5%, marking its biggest intraday fall in over two years.
Telecoms giant Emirates Telecommunications Group (ETISALAT.AD) advanced 6.3%, while the country's biggest lender First Abu Dhabi Bank (FAB.AD) concluded 3.7% higher.
Dubai's main share index (.DFMGI) climbed 2.8%, led by a 3.4% leap in Emirates NBD (ENBD.DU) and a 2.9% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Abu Dhabi index logged a weekly loss 5.8%, while the Dubai index saw a weekly loss of 7.5%.
Separately, United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan has died, the Ministry of Presidential Affairs said on Friday. He was also ruler of Abu Dhabi emirate.
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