Dubai and Abu Dhabi's main indexes rose on Friday, tracking global stocks that gained amid cautious sentiment as the war in Ukraine rages on.
Oil prices slipped on Friday with some supply concerns easing after a partial export resumption from Kazakhstan's CPC crude terminal, while the European Union remained split on whether to impose an oil embargo on Russia.
In Dubai, the main share index gained for a third straight session, rising 1%. The index has advanced 1.9% this week.
"The Dubai stock market inched higher as investors turn their attention to DEWA's IPO.
The listing is one of the largest in the region and is part of a series of introductions announced by the government to boost liquidity and volumes in the exchange," said Eman AlAyyaf, CEO of EA Trading. Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007.
The IPO subscription for institutional and retail investors kicked off on Thursday. Index heavyweight Emaar Properties ended 2.4% higher. Abu Dhabi's index ended 0.3% up and posted a weekly gain of 1.7%.
($1 = 3.6726 UAE dirham)
(Reporting by Muhammed Husain and Tanvi Mehta in Bengaluru; Editing by Vinay Dwivedi)