#UAE markets close higher on strong corporate earnings | Reuters

UAE markets close higher on strong corporate earnings | Reuters

Stock exchanges in United Arab Emirates closed higher, as strong corporate earnings boosted investor sentiments.

Even though Dubai index was a little volatile in early session amid reports of IT outage disrupting airlines, banks and financial services across the globe.

Dubai's main market (.DFMGI), opens new tab settled 0.3% higher, extending gains to third straight session, elevated by a 1.9% jump in Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab, while blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.5%.

Among gainers, Ajman Bank (AJBNK.DU), opens new tab surged 3.3% after the firm reported 103% growth in second-quarter net profit to 108.1 million dirhams ($29.43 million).

Dubai's largest lender Emirates NBD Bank (ENBD.DU), opens new tab was up 0.3% as the lender reported a 13% rise in second-quarter net profit on Thursday.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, hitting over 2-months high, supported by a 1.5% rise in UAE's third largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab after the lender posted a 20% hike in second-quarter net profit to 2.32 billion dirhams ($631.67 million) on Thursday.

Among the gainers, Abu Dhabi's biggest developer Aldar Properties (ALDAR.AD), opens new tab increased 1.6% and biggest utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab jumped 2.8%.

During the trading hours on Friday Abu Dhabi securities exchange (ADX) said that Global index provider FTSE Russell had identified a service disruption impacting all of its FTSE-managed indexes, including the ADX's indexes.

The Dubai index notched up 1.9%, its 7th weekly gain, while Abu Dhabi index extended gains to 5th week with 1% weekly rise- LSEG data.

However, oil prices - a key contributor to Gulf's economies - drifted lower as disappointing Chinese economic data and a lacklustre third plenum outcome has cast a shadow over the global mood.

Brent crude was down 0.3% to $84.88 a barrel by 1140 GMT.

Hong Kong Exchanges has added ADX And DFM As Recognised Stock Exchanges, allowing companies with primary listing on these two exchanges in UAE to apply for a secondary listing in Hong Kong.