Stock exchanges in the UAE closed higher yesterday on the possibility of nearing Gaza ceasefire, which will stabilise the economic activities in the region and ease shipping disruptions in the Red Sea.
Abu Dhabi’s benchmark index rose 0.4 per cent, gaining for the fifth straight session, lifted by a 1.8pc jump in UAE’s third-largest lender Abu Dhabi Commercial Bank.
Market heavyweights First Abu Dhabi Bank and International Holding Company added 0.6pc and 0.15, respectively.
Abu Dhabi Ports gained 1pc after the firm acquired a 60pc stake in the Tbilisi Dry Port.
Oil prices – a key contributor to Gulf’s economies – were up 0.14pc at $85.90 a barrel yesterday.
Dubai’s main index settled 0.1pc higher amid a volatile session, helped by a 1.6pc rise in Dubai Islamic Bank and a 1.8pc jump in Emirates Central Cooling Systems.
However, Dubai’s parking lot operator Parkin Company declined 2.5pc in the second session, after surging more than 35pc on its first day of trading on Thursday.
Abu Dhabi index recorded weekly gains of 1.1pc after four weeks of losses, while Dubai rose 0.4pc on a weekly basis, LSEG data showed.
Dubai’s low-cost carrier Air Arabia was the biggest loser on the index, down 5.7pc as the stock was trading ex-dividend.
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