UAE bourses end higher on financial, telecom boost

Arab World 21 January 2022 17:03 (UTC +04:00)

Stock markets in the United Arab Emirates (UAE) closed in the green on Friday, with Dubai's index buoyed by the financial sector and Abu Dhabi's riding on the back of telecom gains, Trend reports with reference to Reuters.

Dubai's main share index added 1.3%, as Emirates NBD Bank registered its best jump since April 2020 of 6.3% ahead of its earnings results next week.

Analysts expect the bank to post a net profit of more than 9 billion dirhams ($2.45 billion) for 2021, up from 7 billion ($1.91 billion) dirhams a year earlier, according to Refinitiv data.

Abu Dhabi's index edged up 0.3% as gains in telecom shares helped offset a slip in financial stocks.

Telecoms operator Etisalat Group rose 3.2%, while the country's largest lender First Abu Dhabi Bank was down 1.3%.

The Dubai index gained 0.3% for the week, while Abu Dhabi's added 3.3%.

Markets in the UAE shifted to a new Monday-to-Friday working week from the start of the year to better align with global markets.