The Abu Dhabi stock market closed higher on Friday, supported by a rise in oil prices after the European Union announced new sanctions against Russia. The ADX benchmark index rose 0.2%, marking its fourth consecutive session of gains.
The rally was led by Emirates Telecom Group, which jumped 1.7%, while First Abu Dhabi Bank, the UAE’s largest lender, added 0.5%.
Meanwhile, the Dubai Financial Market (DFM) index fell 0.2%, ending a five-day winning streak. On Thursday, Dubai’s index hit its highest level in 17.5 years, prompting investors to lock in profits.
The losses were mainly driven by financial stocks. Emirates NBD Bank fell 2.4% after three consecutive sessions of gains, and Commercial Bank of Dubai slumped 3.6%.
However, Air Arabia rose 0.8%, extending its rally after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40% in 2025.
According to Ahmed Negm, head of MENA market research at XS.com, profit-taking in Dubai is natural after last week’s rally, but upcoming corporate earnings could act as a catalyst to push the market beyond key resistance levels.
For the week, Dubai’s index rose 4.1%, and Abu Dhabi gained 2%, according to LSEG data.
Markets remain supported by positive earnings and stable oil prices, though global geopolitical developments continue to shape investor sentiment.