Stock markets in United Arab Emirates closed slightly lower on Friday, as investors awaited the outcome of U.S.-China trade talks this weekend.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.1% down after hitting nearly three-month high on May 6.
Abu Dhabi's biggest developer Aldar Properties (ALDAR.AD), opens new tab dropped 2.1%, while UAE's largest lender First Abu Dhabi Bank slipped 0.8%.
However, Maritime services and free zone operator Abu Dhabi Ports Company (ADPORTS.AD), opens new tab jumped 1.3% after the firm reported a 11% increase in its Q1 net profit to 347.7 million dirhams ($94.67 million).
Separately, Abu Dhabi's largest listed company IHC (IHC.AD), opens new tab said on Friday it plans to set up a new $1 billion artificial intelligence-driven reinsurance platform with BlackRock.
IHC shares closed 0.2% down.
Dubai's main market index (.DFMGI), opens new tab edged down 0.03%, pressured by a 2.1% decrease in top lender Emirates NBD Bank (ENBD.DU), opens new tab and 2.4% loss in Commercial Bank of Dubai (CBD.DU), opens new tab.
Among the losers, blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 0.7% after the developer reported Q1 net profit of 3.71 billion dirhams ($1.01 billion) that missed the analysts' estimate of 4 billion dirhams.
Oil prices, a key contributor to the Gulf's economy - rose more than 1% on Friday as trade tensions between top oil consumers China and the United States showed signs of easing and Britain announced its own U.S. trade deal.
Brent Crude was up 1.97% to $64.08 a barrel by 1205 GMT.
Abu Dhabi and Dubai indices logged 0.5% and 0.4% weekly gains respectively - LSEG data.
No comments:
Post a Comment