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Nov 11 (Reuters) – United Arab Emirates shares closed higher on Friday, boosted by corporate earnings, while oil prices rose more than 2% after top crude importer China eased some of the country’s strict COVID restrictions.
Oil, which fuels growth in the region, was up $2.39, or 2.6%, at $96.06 a barrel by 0745 GMT, extending a 1.1% gain in the previous session
In Abu Dhabi, the index (.FTFADGI) Inched up 0.1%, helped by Multiply Group up 5% (multiply.AD).
Investment firmEshraq Investments (ESHRAQ.AD) It surged 11.4% in intraday trading after posting its highest ever quarterly profit of AED474.2 million ($129.13 million), compared with AED17.2 million ($4.68 million) in the year-ago quarter
Among other stocks, Haili Holdings (FOODCO.AD)Shares in the company formerly known as FOODCO Holding jumped 4.5% after turning a profit in the third quarter.
According to Refinitiv data, the Abu Dhabi index rose 1.4% on a weekly basis, its fourth straight weekly gain.
Dubai Benchmark Index (.DFMGI) It rose 0.7% on Friday, recovering losses from the previous session on Thursday.
Heavyweight Emaar Properties (Emar. You) It rose 1.6% and lender Dubai Islamic Bank rose 1.7%.
Huaya Capital (SHUA.DU) The company posted a third-quarter profit of 19.9 million dirhams ($5.42 million) as its shares surged 8 percent on strong revenue driven by cost reductions and cost-optimization initiatives.
The index rose 1.7% on a weekly basis, according to Refinitiv data.
Major stock markets in the rest of the Gulf were closed.
(1 USD = 3.6723 UAE Dirham)
Reporting by Mohd Shamsuddin in Bengaluru Editing by Angus MacSwan
Our standard: Thomson Reuters fiduciary principles.
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