Stock markets in United Arab Emirates closed slightly higher on Friday, lifted by a rebound in Dubai's Middle East crude benchmark spot premium, after plunging to a 22-month low in the previous session.
Gains in energy stocks helped Abu Dhabi's benchmark index (.FTFADGI), opens new tab to extend gains to third session, with the index rising 0.1%.
Abu Dhabi's energy shipper, Adnoc Logistics & Services (ADNOCLS.AD), opens new tab and Adnoc Gas (ADNOCGAS.AD), opens new tab jumped 1.7% and 0.6% respectively, while IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab increased 2.3%.
Energy infrastructure contractor NMDC Group (NMDC.AD), opens new tab gained 1.3% after the firm signed a project worth $610.1 million with the Pasay Harbor City Corporation (PHCC) to undertake large-scale dredging and land reclamation activities in Manila Bay.
Separately, Abu Dhabi's International Holding Co (IHC) (IHC.AD), opens new tab will acquire a 43.5% stake in Sammaan Capital SMMN.NS for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market.
Dubai's main market (.DFMGI), opens new tab edged up 0.02%, supported by a 0.7% hike in toll-operator Salik Company (SALIK.DU), opens new tab and 7.1% surge in school operator Taaleem Holding (TAALEEM.DU), opens new tab.
Dubai registered 1.1% weekly gains, while Abu Dhabi notched 0.7% on a weekly basis - data compiled by LSEG
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