Mideast Stocks: #UAE stocks close higher on strong corporate earnings

Mideast Stocks: UAE stocks close higher on strong corporate earnings

Stock markets in the United Arab Emirates closed higher on Friday, as a slew of strong corporate earnings lifted market sentiments despite lingering worries over an economic slowdown.

Dubai's benchmark index advanced 0.8%, lifted by strong gains in banking sector stocks with most sectors trading in positive territory.

Islamic lender Dubai Islamic Bank rose 3%. Top lender Emirates NBD Bank gained 1.4% after reporting 120% growth in first-quarter net profit to 6.01 billion dirhams ($1.64 billion) on Thursday.

Among other shares, stock exchange operator Dubai Financial Market finished 0.7% higher after the firm posted a 30% year-on-year surge in first-quarter net profit to 35.6 million dirhams ($9.70 million). Strong earnings could help the Dubai main index extend gains beyond current levels, said Farah Mourad, Senior Market Analyst of XTB MENA.

However, the market could see some concerns next week with traders monitoring important central bank meetings on the global stage, added Farah Mourad. In Abu Dhabi, the index settled 0.4% higher, boosted by a 3.7% increase in investment firm Multiply Group ahead of reporting first-quarter earnings later in the day.

Among the winners, Abu Dhabi Ports Company surged 4.3% after company's unit KEZAD Group signed lease agreements with Al Ghurair Foods for over 1 billion dirhams Mega Projects Across 1 Million SQM. Abu Dhabi index and Dubai index finished the month with 3.8% and 4.1% gains respectively.