The UAE stock market closed higher on Friday, tracking gains in global stocks, as investors recovered from two losses due to renewed hostilities between the United States and Iran.
In global markets, Japan’s Nikkei Stock Average rose 1.2%, South Korea’s KOSPI rose 2.5% and the pan-European STOXX 600 index rose 0.1%.
Dubai’s main stock index rose 0.9%, supported by gains in financial and industrial stocks.
Dubai Islamic Bank rose 3.1%, while top financial institution Emirates NBD Bank rose 1.4%.
Among the gainers, Tareem Holding rose 3.5% after its third-quarter net profit rose 21% to 105.6 million dirhams ($28.75 million).
Separately, Emirates Global Aluminum announced on Friday that its Al Taweelah alumina smelter in Abu Dhabi will resume production of feedstock for aluminum smelting, increasing capacity by 50% within the next few days.
Abu Dhabi’s benchmark index settled for a 0.5% gain, led by a 5.3% rise in telecom operator E&Group and a 0.8% rise in energy transport company Adnoc L&S.
E& has announced it will sell its entire stake in Vodafone to the investment vehicle of French billionaire Xavier Niel’s family in a $5.95 billion deal, posting its first intraday profit in three-and-a-half years.
The company said the deal valued Vodafone shares at 112.5p, a 15% premium to the closing price of 97.76p, and generated a net cash return of approximately $1.3 billion.
Oil prices, a key driver of the Gulf’s economies, rose 0.7% to $76.86 per barrel at 1136 GMT. ($1 = 3.6729 UAE Dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Joyjeet Das)
