Stock exchanges in the United Arab Emirates closed at a four-month high on Friday on the back of better-than-expected corporate earnings.
Dubai's main index (.DFMGI), opens new tab surged 1%, its biggest intraday rise since March 1, boosted by strong gains in heavyweight real estate and financial sector stocks. Real estate developer Emaar Properties (EMAR.DU), opens new tab rose 2.5%.
Lender Emirates NBD Bank (ENBD.DU), opens new tab gained 3.1% following a report that India will press ahead with the delayed sale of a majority stake in IDBI Bank (IDBI.NS), opens new tab after central bank clearance. Reuters reported one of the interested buyers include Emirates NBD.
Dubai's Mashreq Bank (MASB.DU), opens new tab surged 5.1% after the lender reported a 5% growth in quarterly net profit.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.2% higher, extending gains for the third straight session.
Adnoc-owned green hydrogen producer Fertiglobe (FERTIGLB.AD), opens new tab rose 2%, while real estate firm Aldar Properties (ALDAR.AD), opens new tab gained 1.3%.
Easy Lease Motorcycle Rental (EASYLEASE.AD), opens new tab increased 1.5% after reporting a higher half-yearly net profit.
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