UAE markets bounce back
Iran talks loom
UAE stock markets rebounded by close of trading on Friday after US president Donald Trump said he would give diplomacy two weeks before deciding whether to launch a military strike on Iran, easing investor jitters following a volatile week.
Dubai’s benchmark index rose 1.84 percent, snapping a three-day losing streak after hitting a 17-year high on June 10.
The real estate sector led gains after a slide this week, up 2.36 percent, as Dubai developer Emaar Properties climbed 1.2 percent on turnover of more than AED 366 million – the most actively traded stock by value.
Utilities and industrials also lifted the broader index, with the emirate’s main utility Dubai Electricity and Water Authority (DEWA) rising 1.5 percent.
Emirates NBD, Dubai’s largest lender, rose 0.23 percent.
Budget carrier Air Arabia was also up 2.2 percent.
In Abu Dhabi the index added about 1 percent after three consecutive sessions of losses, lifted by gains in property and energy shares.
Property bellwether Aldar rose 4.5 percent, after reporting over AED3.5 billion in sales at its Fahid Beach Residences and The Beach House projects, which opened at the start of this week.
First Abu Dhabi Bank added 2.7 percent, while Adnoc Gas and Lulu Group each moved up more than 2 percent.
Index heavyweight IHC edged down 0.2 percent, underperforming the broader market.
Despite Friday’s rebound, Dubai’s index ended the week 0.2 percent lower – its second consecutive weekly loss after a nine-week winning streak.
Abu Dhabi also closed the week down 0.5 percent, according to LSEG data.
Oil prices, a key driver of Gulf markets, slipped 2.3 percent to $77.04 a barrel.
Markets had been under pressure earlier this week as fighting between Iran and Israel escalated.
The two sides exchanged strikes for a seventh day on Friday, with Israeli prime minister Benjamin Netanyahu saying the military’s objective was to target Iran’s nuclear facilities.
European and Iranian officials met in Geneva in a bid to defuse tensions.
A UK foreign office statement said a “window now exists” for diplomacy, while a White House official said talks could still yield progress despite US scepticism.
A senior Iranian official told Reuters on Friday that Iran is ready to discuss limitations on its uranium enrichment.
