Stocks in the United Arab Emirates were mostly higher on Friday on the back of a U.S. debt deal that averted a catastrophic default and improved sentiment across most asset classes.
UAE stocks saw an improved performance as traders reacted positively to the U.S. debt ceiling deal, which had kept global markets on edge for some time, said Farah Mourad, senior market analyst at XTB MENA.
Dubai's main share index rose 0.6%, in its sixth consecutive positive day, led by strong gains in financial stocks. Mashreqbank surged more than 9%, its biggest gain in nearly four months, and Emirates NBD Bank, Dubai's largest lender, climbed 1.1%.
In Abu Dhabi, the benchmark index gained 0.4% after two consecutive negative sessions, bolstered by a 1.6% hike in First Abu Dhabi Bank (FAB), the country's largest lender, after announcing two new appointments to its senior leadership team. In a bid to sharpens its focus on growth and expansion, FAB appointed Sameh Al Qubaisi as group head of global markets and Eric Shehadeh as group head of mergers & acquisitions and corporate development, the lender said in a bourse statement.
- ABU DHABI rose 0.4% to 9,406 points
- DUBAI was up 0.6% to 3,603 points
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by David Holmes)