Stock movements
The Dubai Financial Market Index rose by 0.6 percent, supported by the rise of Emaar Properties shares by 3.4 percent and Emaar Development shares by 3.8 percent.
Emaar Properties and Emaar Development recorded the largest daily gains since early November, according to data from the London Stock Exchange Group.
Emaar Properties, the largest real estate developer in Dubai, announced yesterday, Thursday, a 70 percent growth in net profits last year to 11.63 billion dirhams (about 3.2 billion dollars) thanks to the high demand for real estate.
Emaar Development's net profits grew by 74 percent over the past year, thanks to a 22 percent increase in real estate sales.
The Abu Dhabi index fell 0.2 percent, affected by a 1.2 percent decline in the shares of Abu Dhabi Commercial Bank, the third largest bank in the UAE, and a 0.8 percent decline in the shares of Multiplay Group.
The Abu Dhabi Index's losses were limited by a 3.3 percent rise in health care platform Pure Health Holding's shares before the announcement of business results on Monday.
Although most sessions ended with an increase, the Dubai index ended the week with a loss of 1.1 percent, and the Abu Dhabi index fell 1.2 percent, according to data from the London Stock Exchange Group.
Oil prices, a major catalyst for financial markets in the Gulf region, fell slightly today, Friday, but were on track to end the week higher than five percent due to ongoing geopolitical tensions after Israel rejected Hamas’ ceasefire proposal.
By 11:46 GMT, Brent crude fell 0.07 percent to $81.57 per barrel.
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