UAE stocks closed higher on Friday as prospects of a possible trade talks between the U.S. and China lifted market sentiment.
The United States has approached China to seek talks over President Donald Trump’s 145 percent tariffs. China’s Commerce Ministry said on Friday that Beijing is open for discussions, signalling a potential de-escalation in the trade war.
Dubai, Abu Dhabi mark notable weekly gains
Dubai’s main index (DFMGI) was up 0.35 percent after recording marked losses in the previous session. The rise was supported by an uptick in real estate and industrial sector stocks. Emaar Properties increased 1.52 percent, while toll gate operator Salik Company finished 1.37 percent higher. Emirates NBD rose 0.73 percent while Emaar Development was up 1.89 percent.
Dubai Financial Market climbed 4.38 percent after the firm reported a 42 percent surge in first-quarter net profit to AED127 million.
Meanwhile, Abu Dhabi’s benchmark index (FTFADGI) rose 0.23 percent, extending gains for the fifth consecutive session. This rise was supported by a 2.5 percent jump in Alpha Dhabi Holding and a 2.46 percent rise in ADNOC Drilling shares. Other gainers included ADNOC Gas, which gained 0.63 percent ahead of its Q1 earnings expected later in the day.
Phoenix Group gained 4.26 percent, Modon rose 3.94 percent and Multiply Group ticked up 2.74 percent.
The Dubai index gained 2.5 percent on a weekly basis, while Abu Dhabi gained 2 percent, its highest weekly gain since November 3, 2023, according to LSEG data.
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Global stock markets gain on easing trade tensions
The UAE stock market’s gain was in line with global markets on Friday, which surged as signs of possible trade talks between the U.S. and China lifted risk sentiment after lacklustre earnings from tech giants Apple and Amazon fuelled worries about the impact of a global trade war.
Apple shares were 2.83 percent lower in premarket trading at $213.32, while Amazon shares rose 0.96 percent
The pan-European STOXX 600 index was up 1.26 percent after registering its second consecutive monthly drop earlier this week. In the U.S., the S&P 500 rose 0.2 percent while the Nasdaq gained 1.52 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest level since March 20 at one point, recouping losses since U.S. President Donald Trump kicked off a trade war with aggressive tariffs in early April. It was last trading 2.51 percent higher at 595.53.
Japan’s Nikkei closed 1.4 percent higher, with Hong Kong’s Hang Seng up 1.74 percent. Mainland China was closed for a long holiday.
