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Shares in the United Arab Emirates closed higher on Friday, with Abu Dhabi’s index rising for a second straight session following its latest price correction.
In Abu Dhabi, stocks rose 1.6%, their biggest percentage gain since late October, with Americana Restaurants International up 2.3%.
Americana, which operates KFC, Pizza Hut, Hardee’s and Krispy Kreme franchises, made its debut earlier this week after raising $1.8 billion in an initial public offering and subsequent dual listings in Abu Dhabi and Riyadh. Elsewhere, First Abu Dhabi Bank, the country’s largest lender, rose 4.3 percent after hitting a 19-month low on Monday.
However, Wael Makarem, senior market strategist at Exness, said the market still faces fresh downside risks as oil prices could extend their losses. Oil – the main catalyst for Gulf financial markets – fell as the market assessed the fallout from central bank rate hikes, but was on track for its biggest weekly gain in 10 weeks on concerns over supply disruptions and hopes of a recovery in Chinese demand.
Dubai’s main stock index rose 0.4 percent in choppy trade, with Shariah-compliant lender Dubai Islamic Bank up 1.4 percent. According to analyst Makarem, the Dubai Stock Exchange has found some support in improving local fundamentals, while tourism is growing faster.
- Abu Dhabi up 1.6% to 10,328
- Dubai increased 0.4% to 3,329
(Reporting by Ateeq Shariff, Bengaluru; Editing by Maju Samuel)
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