DUBAI: 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 advanced 0.5 percent, led by a 3.6percent climb in Aldar Properties and a 2.2 percent rise in Adnoc Drilling. Aldar’s parent firm International Holding Company announced on Thursday that it has no plans to divest its stake in Aldar Properties. However, Sharjah-based Dana Gas declined 1.9 percent after the firm posted a 26 percent drop in Q3 net profit to 109 million dirham (USD29.68 million). Dubai’s main index edged 0.1percent up, supported by a 0.9 percent gain in top lender Emirates NBD Bank and 1.8percent rise in state-run utility Dubai Electricity And Water Authority. Web Desk
Among the gainers, Construction firm Emaar Development rose 1percent as the firm reported a 57percent surge in Q3 net profit to 3.25 billion dirhams (USD884.86 million).
Blue-chip developer Emaar Properties declined 1.5 percent 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 0.3percent weekly loss, while Dubai’s benchmark index extended losses to a second week with the index falling 0.6percent after four consecutive weeks of gains, according to LSEG data.
