Stock exchanges in the United Arab Emirates closed higher on Friday, with Abu Dhabi outperforming its regional peers, boosted by gains in blue-chip developer Aldar Properties and Adnoc-owned companies.
Abu Dhabi's benchmark index (.FFTFADGI), opens new tab advanced 0.5%, led by a 3.6% climb in Aldar Properties (ALDAR.AD), opens new tab and a 2.2% rise in Adnoc Drilling (ADNOCDRILL.AD), opens new tab.
Aldar's parent firm International Holding Company (IHC.AD), opens new tab announced on Thursday that it has no plans to divest its stake in Aldar Properties.
However, Sharjah-based Dana Gas (DANA.AD), opens new tab declined 1.9% after the firm posted a 26% drop in Q3 net profit to 109 million dirham ($29.68 million).
Dubai's main index (.DFMGI), opens new tab edged 0.1% up, supported by a 0.9% gain in top lender Emirates NBD Bank (ENBD.DU), opens new tab and 1.8% rise in state-run utility Dubai Electricity And Water Authority (DEWAA.DU), opens new tab.
Among the gainers, Construction firm Emaar Development (EMAARDEV.DU), opens new tab rose 1% as the firm reported a 57% surge in Q3 net profit to 3.25 billion dirhams ($884.86 million).
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab declined 1.5% despite its better-than-expected Q3 earnings as sentiment remained cautious globally.
The Dubai index could potentially rebound, finding support from generally positive Q3 results as it awaits the next releases, said Ahmed Negm, Head of Market Research MENA at XS.com.
Abu Dhabi stocks logged a 0.3% weekly loss, while Dubai's benchmark index extended losses to a second week with the index falling 0.6% after four consecutive weeks of gains, according to LSEG data.
Oil prices rose on Friday but remained on track for a second consecutive weekly loss after three days of declines on worries about excess supply and slowing U.S. demand.
Brent Crude was up 0.9% at $63.92 a barrel by 1132 GMT.
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