Stock markets in the United Arab Emirates rebounded on Friday, with Dubai leading the recovery, driven by an increase in consumer staple and financial sector stocks. Dubai's main index closed 0.7%, reversing three consecutive days of declines, lifted by a 2.5% jump in Dubai Islamic Bank and a 6.8% surge in grocery supermarkets operator Spinney 1961 Holding.
The Dubai stock index may face further declines, but its strong fundamentals and the upcoming ALEC IPO could offer support down the line, according to Joseph Dahrieh, Managing Principal at Tickmill.
Abu Dhabi's benchmark index broke a three-session losing streak with a 0.5% rise, lifted by gains in energy and banking stocks. Adnoc Gas surged 4.1% after its parent firm XRG completed the acquisition of an 11.7% stake in phase 1 (trains 1-3) of the Rio Grande LNG, marking its first U.S. gas investment.
The UAE's biggest lender First Abu Dhabi Bank gained 1%, while energy logistics firm Adnoc L&S rose by 1.2%. AI-driven space tech firm Space42 also jumped 2.7% after signing a long-term deal with Dynamic Map, the U.S.-based subsidiary of Japan's Dynamic Map Platform, to provide HD map data to General Motors' Super Cruise in the UAE.
Separately, Abu Dhabi sold $3 billion in a two-tranche bond on Thursday, attracting strong demand for the sale, fixed income news service IFR reported.
Despite Friday's rebound, Dubai index logged a 2.8% weekly loss, its steepest decline in over three months, while Abu Dhabi ended the week with a 1.3% decrease, according to LSEG data.
No comments:
Post a Comment