Mideast Stocks: UAE stocks close higher on strong corporate earnings
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.
Etihad Airways plans to triple passengers, double fleet amid strategy shift | Reuters
Abu Dhabi-based Etihad Airways aims to triple the number of passengers it carriers to 30 million and nearly double its fleet to 150 planes by the end of the decade, the airline's chief told Reuters in an interview in New Delhi on Thursday.
Etihad's plans come amid a shift in its strategy to focus on medium to long-haul destinations, moving away from operating ultra long-haul flights where competition is intense and profitability challenging, CEO Antonoaldo Neves said.
"Etihad has India as a priority," Neves said, adding that the country is among its top three markets. He declined to name the other two.
The idea is to connect places like China, Southeast Asia, India and GCC (Gulf Cooperation Council) countries to Europe and the East Coast of the United States, Neves said.
Oil heads for another monthly decline as weak U.S. data weighs | Reuters
Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook.
Brent crude futures for June were up 42 cents, or 0.5%, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down 1 cent at $78.21. Brent is set for its fourth straight monthly fall.
Brent prices retraced earlier losses after data showed the euro zone returned to growth in the first quarter, albeit only modestly and more slowly than expected.
U.S. West Texas Intermediate (WTI) crude lost 15 cents, or 0.2%, to trade at $74.61 a barrel and is set for its sixth straight monthly decline.
