Stock market in the United Arab Emirates closed higher on Friday, in line with global equity markets, as investors cheered a pause in U.S. interest rate hikes, improving sentiment across most asset classes.
Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely.
Dubai's main share index (.DFMGI) rose 0.4%, extending winning streak to fifth consecutive sessions, with financial stocks leading a broader rise across most sectors.
Both Emirates NBD Bank (ENBD.DU), Dubai's largest lender, and Mashreqbank (MASB.DU) climbed 2.6%, while blue-chip developer Emaar Properties (EMAR.DU) was up 0.9%.
The index logged its second consecutive weekly gain to 3.8%.
Dubai stock market could be exposed to some selling pressures after this week’s rebound. While geopolitical concerns could continue to weigh on the market, said Khaldoun Hilal - CEO, KAMA Capital.
In Abu Dhabi, the index (.FTFADGI) added 0.3%, led by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The index registered nearly 3% rise on weekly basis.
Abu Dhabi stock market stabilised to a certain extent in this week after hitting a new low this year and exposing it to new price corrections, added Khaldoun Hilal.
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