Dubai stock exchange closed higher on Friday, as a number of corporate earnings exceeded market expectations boosting the risk appetite for investors, however shares in Abu Dhabi fell.
Dubai's main index gained 0.6%, boosted by a 3.4% surge in Emaar Properties and 3.8% rise in Emaar Development. Both Emaar Properties and Emaar Development recorded their biggest intraday gains since early November last year, according to LSEG data.
Emaar Properties, Dubai's largest real estate developer, on Thursday reported a 70% jump in full-year net profit to AED 11.63 billion dirhams (about $3.2 billion) on surging real estate demand. Emaar's construction unit Emaar Development delivered a 74% growth in full-year net profit over a 22% jump in property sales.
Abu Dhabi's benchmark index edged down 0.2%, pressured by a 1.2% decrease in UAE's third-largest lender Abu Dhabi Commercial Bank and a 0.8% fall in investment firm Multiply Group. However, losses in the index were stemmed by a 3.3% rise in healthcare platform Pure Health Holding ahead of its earnings on Monday.
Despite ending most sessions in the green, the Dubai index finished the week with a 1.1% loss and Abu Dhabi index fell 1.2%, according to LSEG data.
Oil prices - a key catalyst for Gulf's financial market, were slightly lower on Friday but were poised to finish the week more than 5% higher on persistent geopolitical tensions after Israel rejected ceasefire offer from Hamas. Brent crude was down 0.07% to $81.57 a barrel by 1146 GMT.
No comments:
Post a Comment