Jan 31 (Reuters) - Stock markets in the United Arab Emirates closed higher on Friday, with Dubai leading the charge, driven by gains in banking stocks.
Dubai's main index extended gains to a second session with a 0.5% increase, lifted by a 10.4% surge in Mashreq Bank, which logged its biggest intraday gains in a year.
Mashreq Bank reported an 11% growth in fourth-quarter net profit to 3.14 billion dirhams ($855 million), while revenue rose 49% year-on-year.
However, Dubai Financial Market slid 6.4%, its steepest intraday loss in nearly two years, after the firm slashed its annual dividend to 3.2% of capital from 3.5% last year.
Abu Dhabi's benchmark index edged up 0.03%, finishing its straight third session in the green, supported by a 1.3% rise in Adnoc Drilling and a 0.8% increase in UAE's third-largest lender Abu Dhabi Commercial Bank.
Among gainers, Abu Dhabi's largest listed firm International Holding Company gained 0.3% after its subsidiary Ghitha Holding reported 2.56 billion dirhams in full-year profit against 30 million dirhams last year.
The Dubai index recorded a 0.4% gain in January, steadily rising for the eighth month, while Abu Dhabi continued its rally to a second month with a 1.8% rise, per LSEG data.
Oil prices, a key contributor to the Gulf's economies, drifted lower on Friday as markets waited to see if U.S. President Donald Trump follows through on his threat to impose tariffs on Mexico and Canada this weekend.
Brent crude was down 0.33% at $76.62 a barrel by 1141 GMT.
|
ABU DHABI |
(.FTFADGI) up 0.03% to 9,586 points |
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DUBAI |
(.DFMGI) rose 0.5% to 5,180 points |
($1 = 3.6726 UAE dirham)
Reporting by Mohd Edrees in Bengaluru; Editing by Sonia Cheema
Source: Reuters