According to a statement from WAM, the UAE financial markets saw advances in the market worth of more than AED10 billion due to “upbeat feelings.” International Holding Company (IHC), trading as ASMAK, closed at a high of AED350, helping the Abu Dhabi Index (FTFADGI) gain 0.566 percent to 9,717.380 points.
Dubai’s benchmark index increased 0.2%, driven by increases of 0.5% and 0.4% in the leading lender Emirates NBD and a 0.5% gain in the sharia lender Dubai Islamic Bank, respectively. After seeing a recovery this week, the Dubai stock market was erratic.
According to the current state of the world economy, the market could turn negative again the next week, according to CAPEX.com MENA market expert Fadi Reyad. Anwar Gargash, the diplomatic advisor to the president of the United Arab Emirates, stated on Friday that the UAE wants a more stable oil market and will follow by decisions made by OPEC+. If an agreement is reached during President Joe Biden’s visit to the kingdom this week, according to Gargash, Abu Dhabi would support it.
This follows liquidity of AED374 million and an increase in NBAD of 0.779 percent to AED18.400. The Dubai General Index (DFMGI) decreased by 0.406% to 3,382.310 points.
Emaar, a reputable developer, closed at AED 6.010. Among other equities, Emirates NBD and Mashreq Bank saw gains of 1.92 and 1.270 percent, respectively, to AED13.250 and AED80.00.
