Stock markets in the United Arab Emirates closed higher on Friday, in line with global equities as China's central bank launched two schemes aimed at boosting stocks and as robust U.S. economic data this week continued to bolster investor sentiment.
Mainland Chinese blue chips (.CSI300), opens new tab jumped 3.6%, while European index (.STOXX), opens new tab edged up 0.14%.
U.S. retail sales increased 0.4% in September, slightly more than expected, while weekly jobless claims fell unexpectedly.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Dubai's main index (.DFMGI), opens new tab settled 0.2% higher, lifted by gains in banking sector stocks with top lender Emirates NBD Bank (ENBD.DU), opens new tab advancing 1.3% and Dubai Islamic Bank (DISB.DU), opens new tab marching 1.1%.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab rose 0.1%, supported by a 0.3% increase in conglomerate International Holding Company (IHC.AD), opens new tab and a 14.9% jump in Gulf Pharmaceutical Industries (JULPHAR.AD), opens new tab.
Among the winners, UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab gained 0.9% after the lender posted a 5% growth in Q3 net profit to 4.46 billion dirhams ($1.21 billion) that beat the market estimates.
Dubai and Abu Dhabi indexes reported weekly gains of 0.6% and 0.3%, respectively, according to data compiled by LSEG.
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