Abu Dhabi and Dubai stocks track global stocks higher

Oct 14 (Reuters) – United Arab Emirates shares closed higher on Friday, in line with global equities, as faster growth in the rental market improved investor sentiment.

MSCI World Equity Index (<.MIWD00000PUS>) rose 1.5%, while European stocks (<.STOXX>) It hit a one-week high and rose 1.3%. MKT/Global

In Abu Dhabi, the index (<.FTFADGI>) Gained 0.9%, led by investment firm Multiply Group jumping 5.2% () Aldar Properties rose 3.3% ().

However, the Abu Dhabi Exchange fell 1.3% on a weekly basis, according to Refinitiv data.

Separately, Abu Dhabi-based supermarket chain Lulu Group International is planning an initial public offering and has hired investment bank Moelis & Co to advise it, two of the people said. read more

Dubai’s main stock index (<.DFMGI>) Blue-chip developer Emaar Properties led 0.8% gains, with heavyweights real estate and banking leading gains (<开始读>) rose 2.5%, while top lender UAE NBD Bank () An increase of 0.8%.

Among other stocks, Amlak Finance surged 4.1% after the company decided to use general reserves to amortize some of its accumulated losses.

Major stock markets in the rest of the Gulf were closed on Friday.

Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber

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