Stock markets in the United Arab Emirates rebounded on Friday, a day after registering sharp declines on fears of high inflation and the impact of rising interest rates, but registered weekly losses.

In Abu Dhabi, the index jumped 2.9%, clawing back some of its losses from the previous session when it fell over 5%, marking its biggest intraday fall in over two years.

Telecoms giant Emirates Telecommunications Group advanced 6.3%, while the country’s biggest lender First Abu Dhabi Bank concluded 3.7% higher.

Dubai’s main share index climbed 2.8%, led by a 3.4% leap in Emirates NBD and a 2.9% increase in blue-chip developer Emaar Properties.

The Abu Dhabi index logged a weekly loss 5.8%, while the Dubai index saw a weekly loss of 7.5%.

Separately, United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan has died, the Ministry of Presidential Affairs said on Friday. He was also ruler of Abu Dhabi emirate.

ABU DHABI up 2.9% to 9,493

DUBAI rose 2.8% to 3,418