2023-08-11 13:57:46
Emirates News
Sky News Arabia – Abu Dhabi
August 11, 2023 – 13:53 Dubai Financial Market
The stock market rose in Dubai, on Friday, with the rise in oil prices, thanks to optimistic expectations for growth in demand, from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency, while the Abu Dhabi Stock Exchange index was affected by the decline in the share of First Abu Dhabi Bank.
Brent crude futures rose 57 cents, or 0.7 percent, to $86.96 a barrel by 1206 GMT.
The Dubai index rose 0.4 percent to 4,064 points, following falling for four consecutive sessions.
Emirates NBD Bank, Dubai’s largest bank, rose more than 3 percent, while Salik, the traffic toll services company, rose 2 percent following announcing its results in the second quarter of the year.
Emaar Properties, the largest listed real estate company in Dubai, rose more than 0.7% following it announced second-quarter results.
The index fell 0.5 percent for the week.
The Abu Dhabi market index fell 0.3 percent to 9,880 points, down for the third consecutive session, under the weight of the 1.1 percent drop in First Abu Dhabi Bank, the country’s largest bank, and the 1.6 percent drop in Alpha Abu Dhabi Holding.
The index rose 1 percent for the week.
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