Dubai Financial Market
The Dubai and Abu Dhabi markets continued their weekly gains on Friday, supported by strong corporate profits and high oil prices.
Crude oil prices, a major driver of Gulf economies, are heading for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third largest crude oil producers, pledged to cut production in September.
Brent crude futures for October delivery rose 43 cents to $85.57 a barrel by 0825 GMT.
In Dubai, the main index rose 0.8 percent on the back of a more than 3 percent rise in Emirates NBD Bank, the emirate’s largest bank, and a 2 percent increase in Emaar Properties.
But Emirates Central Cooling Systems Corporation (Empower) fell 0.5 percent and was among the three biggest losers on the index. The company recorded a decline in quarterly profits.
While the Abu Dhabi index ended trading with little change after fluctuating between small gains and losses.
Burjeel Holding for healthcare services jumped more than 10 percent during the session, ending trading up 8.8 percent, after announcing an increase in second-quarter profits that exceeded 51 percent.
The share of ADNOC Logistics and Services Company also rose 5.3 percent during early trading, with a jump in second-quarter profits by more than three times.
The Abu Dhabi and Dubai indices recorded weekly gains of 0.3 percent and 1.2 percent, respectively.
2023-08-04 12:46:46
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