EQUITY markets in the UAE gained yesterday, as US and Iran start talks in Pakistan and Israel seeks talks with Lebanon, raising hopes for easing Middle East tensions and reducing risks of disruption in the Strait of Hormuz.
Dubai’s main market reversed early losses and closed 0.4 per cent higher, helped by gains in industrial and financial stocks.
Low-cost carrier Air Arabia jumped 4.8pc, while top lender Emirates NBD Bank climbed 3.4pc.
Abu Dhabi’s benchmark index edged 0.02pc up, supported by a 4.1pc rise in hyper market operator Lulu Retail Holding and a 3.9pc surge in Dana Gas.
Gains in the index were limited by a 3.1pc decline in real estate giant Aldar Properties and 0.5pc drop in UAE’s richest firm International Holding Company.
Dubai index rose 4.2pc for its biggest weekly gain in more than 10 months, while Abu Dhabi posted a weekly gain of 2.5pc, according to LSEG data.
&uuid=(email))