Stock markets in the UAE closed higher yesterday with Dubai outperforming the rest of the region, supported by rising oil prices as investors doubted the prospect of a breakthrough in US-Iran peace talks.
Dubai’s main market rose 0.6 per cent, led by gains in real estate and industrial sector stocks.
Blue-chip developer Emaar Properties jumped 1.6pc, while parking service provider Parkin Company added 1.7pc.
Parkin said a new 5pc value-added tax on parking services is not expected to impact its financial position.
Stock markets in the UAE remained relatively stable, trading close to levels seen over the past few days, with sentiment likely to stay cautious as investors monitor developments in talks between the US and Iran, said Hani Abuagla, senior market analyst at XTB Mena.
Abu Dhabi’s benchmark index gained 0.2pc; real estate giant Aldar Properties rose 3.5pc and state-owned energy firm Adnoc Gas advanced 1.2pc.
Real estate giant Aldar Properties said it had sold out its Al Ghadeer Gardens development at launch, generating more than 1 billion dirhams ($272.32 million).
For the week, the Dubai and Abu Dhabi indexes recorded losses of 0.3pc and 0.2pc, respectively, according to data compiled by LSEG.
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