UAE stock markets ended higher yesterday, gaining for the second week, with Dubai at a six-week high and outperforming its regional peer Abu Dhabi, on prospects of peace in the Middle East.
Dubai’s main share index rose 1 per cent, led by gains in heavyweight real estate and financial stocks. It gained 4.8pc for the week, its biggest in more than nine months.
Top lender Emirates NBD Bank jumped 2pc yesterday, while blue-chip developer Emaar Properties rose 1.1pc. Abu Dhabi’s benchmark index edged up 0.03pc and logged a weekly rise of 0.8pc.
The index was supported by a 0.5pc increase in Aldar Properties after the company announced the delivery of 9,000 value rental homes in Mohamed Bin Zayed City and Baniyas, with a gross development value of 2.8 billion dirhams ($762.32m).
UAE’s largest lender First Abu Dhabi Bank also rose 1.6pc.
The index gains were tempered by a 0.5pc decline in its largest firm, International Holding Company, and a 0.6pc fall in UAE’s third-largest lender Abu Dhabi Commercial Bank.
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