The Abu Dhabi index closed higher on Friday, after shareholders of satellite solutions provider Al Yah Satellite Communications (YAHSAT.AD), opens new tab and Bayanat Ai (BAYANAT.AD), opens new tab approved the merger to Create SPACE42, a global AI-powered space technology firm.
The merger was initially proposed by the respective Boards of Directors on Dec. 18, and is expected to become effective by mid-2024.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged 0.009% up, supported by a 2.1% jump in each of Yahsat and Bayanat Ai shares.
While gains in the index were stemmed by a last minute decline in IHC-owned stocks with Abu Dhabi's biggest developer Aldar Properties (ALDAR.AD), opens new tab losing 0.6% and Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab dipping 0.3%.
The Abu Dhabi stock market stabilized to a certain extent, buoyed by the gains in banking sector, said George Pavel, General Manager at Capex.com Middle East, who added "rebounding oil prices could help local stocks rebound"
However, its weekly performance was negative and could remain exposed to downside risks as a results of geopolitical tensions, Pavel added.
Oil prices - a key catalyst for Gulf's financial markets - gained on Friday after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.
Brent crude was up 0.64%, or $0.57, to $89.59 a barrel by 1133 GMT.
Meanwhile, Dubai's main index (.DFMGI), opens new tab declined 0.5%, hitting 3-month lower, weighed down by a 2.6% decrease in toll gate operator Salik Company (SALIK.DU), opens new tab and 5.6% in drop in Dubai Investments (DINV.DU), opens new tab.
However, Dubai's biggest lender Emirates NBD Bank (ENBD.DU), opens new tab extended gains on Friday with a 1.2% hike after the lender reported a 12% jump in first-quarter net profit to 6.7 billion dirham ($1.82 billion) on Thursday.
Abu Dhabi and Dubai indexes recorded 0.9% and 0.6% weekly losses, respectively, according to LSEG data.
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