Stock markets in the United Arab Emirates closed positively on Friday, fueled by encouraging news regarding potential trade negotiations between the U.S. and China.
The Chinese government announced that the United States has consistently shown a desire to discuss tariffs, indicating that Beijing remains open to dialogue. This development could alleviate the trade tensions that have affected global markets.
The main index in Dubai rose by 0.4%, recovering from losses seen in the previous session, bolstered by strong performances in the significant real estate and industrial sectors.
Among the notable gainers, Emaar Properties, a leading developer, saw its shares rise by 1.5%, while toll gate operator Salik Company experienced a 1.4% increase.
The Dubai Financial Market, which handles stock exchange operations, surged by 4.4% after announcing a remarkable 42% increase in its net profit for the first quarter, amounting to 127 million dirhams ($34.58 million).
In Abu Dhabi, the benchmark index continued its upward trend for the fifth consecutive session, climbing 0.2%. This increase was supported by a 2.5% rise in both Alpha Dhabi Holding, a conglomerate owned by IHC, and Adnoc Drilling.
Additionally, Adnoc Gas saw an increase of 0.6% ahead of its anticipated Q1 earnings report, which is expected later today.
The Dubai index recorded a weekly growth of 2.5%, while Abu Dhabi achieved a 2% increase, marking its highest weekly rise since November 3, 2023, based on LSEG data.
Meanwhile, oil prices, which are a significant factor for the Gulf financial markets, fell on Friday, with Brent crude decreasing by 0.69% to $61.7 a barrel as of 1136 GMT.