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May 5 (Reuters) – Abu Dhabi indexes end higher on Friday, boosted by Abu Dhabi Islamic Bank earnings (ADIB.AD) It comes after sovereign wealth fund Mubadala Investment sold its 7.6 percent stake in ADIB to the lender’s majority shareholder, Emirates International Investments.
Announcement of transaction, Emirates International Investment Corporation’s stake in ADIB rose to 47%.
Abu Dhabi Benchmark Index (.FTFADGI) It closed up 0.3 percent, extending gains from the previous session, boosted by a 3.6 percent rise in ADIB, while First Abu Dhabi Bank, the largest lender in the UAE, (FAB.AD) rose 1%.
Among winners, Bank of Sharjah soared 14.9%, its biggest intraday gain since late October 2021, after the lender won shareholder approval to raise funds through a share issue worth 800 million dirhams ($217.88 million).
Oil prices – the main catalyst for Gulf financial markets – rose more than 2% on hopes the Fed would pause its rate-hike cycle in June policy meeting.
However, the Dubai benchmark (.DFMGI) It fell 0.2 percent, snapping three sessions of gains, dragged down by losses in industrials and utilities.
investment in dubai (DINV. YOU) Shares fell 6.2 percent, their biggest intraday drop in 51 weeks, as the stock went ex-dividend.
The Board of Directors of Investment Corporation of Dubai proposed on March 21 a cash dividend of 12.5 fils per share for the second half of the year.
Among other stocks, Emirates Central Cooling System Corp (Authorization.DU) Shares fell 1.7 percent after the company reported a drop of nearly 8 percent in first-quarter net profit to 167.3 million dirhams ($45.56 million).
The Dubai index rose 1.1 percent on the week, according to Refinitiv data.
Farah Mourad, senior market analyst at XTB MENA, said there was some price correction in Dubai stocks as traders moved to secure gains.
According to Mourad, based on the market momentum of the past two months, the Dubai Index is likely to extend its gains in the next few sessions.
($1 = 3.6717 United Arab Emirates dirhams)
Reporting by Mohd Edrees in Bengaluru; Editing by Sohini Goswami
Our standards: Thomson Reuters Trust Principles.
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