Stock markets in the United Arab Emirates put in a mixed performance on Friday on hopes a ceasefire deal in Gaza could ease geopolitical tension in the region, while weaker oil prices dented sentiment.
Thousands of displaced Palestinians streamed back towards their abandoned homes on Friday after a ceasefire between Israel and Hamas went into effect and Israeli troops began pulling back from parts of Gaza.
Dubai's benchmark index (.DFMGI), opens new tab was up 0.4%, with almost all sectors in the positive territory. Gulf Navigation Holding (GNAV.DU), opens new tab gained 2.5% and Taaleem Holdings (TAALEEM.DU), opens new tab rose 5.4% after the schools operator reported on Thursday a 20% increase in full-year net profit and raised annual dividend by 25% to AED 0.15 per share.
"Ongoing earnings season is expected to be the next major catalyst, with further releases next week potentially supporting the market's recovery", said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
"Overall sentiment remains positive, underpinned by the market's solid fundamentals and growth potential in the second half of the year".
In Abu Dhabi, the index (.FTFADGI), opens new tab snapped a three-session winning streak to fall 0.3%, with most constituents lower.
First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, slipped 1.5%, while ADNOC Gas (ADNOCGAS.AD), opens new tab and fertilizer producer Fertiglobe (FERTIGLB.AD), opens new tab declined 0.6% and 0.8%, respectively.
Crude prices, a catalyst for the Gulf's financial markets, slid 1.2% as risk premium faded after the Gaza deal. Brent was trading $64.56 a barrel at 1150 GMT.
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