UAE stocks rally on corporate earnings, oil gains

11 Nov, 2022

Stock markets in United Arab Emirates closed higher on Friday, lifted by corporate earnings, while oil prices advanced more than 2% after top crude importer China eased some of the country’s heavy COVID curbs.

Oil, which fuels the region’s growth, rose $2.39, or 2.6%, to $96.06 a barrel by 0745 GMT, extending a 1.1% rise in the previous session.

In Abu Dhabi, the index edged up 0.1%, helped by a 5% boost in Multiply Group.

The investment firm Eshraq Investments surged as much as 11.4% in day trade after posting highest ever quarterly profit of 474.2 million dirhams ($129.13 million) compared with a profit of 17.2 million dirhams ($4.68 million)a year earlier.

Among other stocks, Hily Holding, formerly known as FOODCO Holding, jumped 4.5% after it swung to third-qaurter profit.

The Abu Dhabi index was up 1.4% on weekly basis as it extended the gains to fourth consecutive week, according to Refinitiv data.

Dubai benchamrk index added 0.7% on Friday, paring losses in previous session on Thursday.

Most Gulf bourses in red on falling oil prices

Heavyweights Emaar Properties advanced 1.6% and lender Dubai Islamic Bank hiked 1.7%.

Shuaa Capital surged 8% as Company posted a third-quarter profit of 19.9 million dirhams ($5.42 million), underpinned by strong revenues driven by lower costs and cost optimization initiatives.

The index notched up a 1.7 % weekly gain, according to Refinitiv data.

Major stock markets elsewhere in the Gulf region were closed.

========================================== ABU DHABI    rose 0.1% to 10,630 points DUBAI        was up 0.7% to 3,407 points==========================================
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