Dubai’s main share index rose 0.6% at Friday’s close, recovering from losses in the previous session on gains in utility and financial stocks, Reuters reported.
Emirates NBD, Dubai’s largest lender, advanced 2%. Dubai Electricity and Water Authority (DEWA) climbed 1.9%.
The Dubai index posted a weekly gain of 0.8%. That followed two consecutive weeks of losses.
Abu Dhabi’s benchmark index edged up 0.04% on Friday. Americana Restaurants International rose 2.9% and hospitality company Abu Dhabi National Hotels gained 1.8%.
Fujairah Cement Industries rose 1.1% after its board approved a tripartite partnership project to establish and operate a dry mortar and chemicals plant.
The Abu Dhabi index ended a three-week losing streak with a weekly increase of 0.13%.
On Thursday, the Dubai Financial Market General Index had closed 1.05% lower at 5,830.47. Abu Dhabi’s ADX General Index had ended Thursday’s session down 0.30% at 9,804.54.
UAE stocks moved in line with global equities on Friday as investors assessed geopolitical developments in the region. The pan-European STOXX 600 index gained 0.6% and Germany’s DAX rose around 1%.
Oil prices also rose on Friday on uncertainty over Middle East supplies and a larger-than-expected draw in US crude stockpiles. Brent crude was up 0.5% at $106.44 a barrel by 1150 GMT.
Separately, Dubai Chambers signed memoranda of understanding with four Chinese chambers of commerce, in Beijing, Shenzhen, Guangzhou and Chongqing, to deepen ties between companies in Dubai and China.
