Dubai stock exchange closed higher on Friday, lifted by a jump in toll operator Salik Company, while the Abu Dhabi index declined.
Dubai’s main index jumped 0.7%, boosted by a 5.2% rise in toll operator Salik Company after the firm announced plans to build two new toll gates in Dubai to optimize traffic flow and reduce congestion.
Also making gains Dubai’s biggest lender, Emirates NBD Bank was up 1.5% after the lender raised $450 million from the sale of 5-year Formosa bonds, an arranging bank document said.
However, the Abu Dhabi benchmark index dropped 0.1%, extending losses to the sixth session in a row, dragged down by a 0.8% fall each in International Holding Company and IHC-owned Alpha Dhabi Holding.
Most Gulf bourses end lower on rate cut jitters
Losses in the Abu Dhabi index were capped by a 2% gain in UAE’s largest lender, First Abu Dhabi Bank and 1.8% rise in Abu Dhabi Commercial Bank.
Dubai and Abu Dhabi indexes recorded weekly losses of 0.6% and 0.8% respectively according to LSEG data.
Alternative asset manager Investcorp Capital surged 9.2%, its highest intraday gain since listing in mid-November 2023, after HSBC initiated coverage on the company’s stock with a “buy” rating and a target price AED 2.51
------------------------------------- ABU DHABI dropped 0.1% to 9,712 DUBAI gained 0.7% to 4,082 -------------------------------------
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