Shares across the Arabian Gulf finished the week on a positive note yesterday in line with emerging markets, even as European equities trimmed previous gains.
The Euro Stoxx 50 index fell for the first time in four days, trading about 0.3 per cent lower in afternoon trade, amid signs that a recent bull run in European equities may be running out of steam. The FTSE 100 was down by the same percentage.
Shares in Abu Dhabi led gains across the Arabian Gulf, with all of the region’s headline indices ending in the black.
The Abu Dhabi Securities Exchange General Index finished up 1 per cent, thanks to a late surge by Etisalat.
The telco’s shares, the heaviest weighted on the index, ended the day up 3.1 per cent at Dh18.45, their best one-day showing since November, following the announcement of a 2 per cent profit rise late on Tuesday. Fellow big names FGB and NBAD also rose.
Aldar Properties fell for the third straight day after posting lacklustre fourth-quarter results, closing 1.6 per cent down at Dh2.45.
The Dubai Financial Market General Index ended a quiet day of trading 0.2 per cent higher, propped up by gains by Emirates NBD and Emaar Properties.
At the other end of the spectrum, Dubai Investments fell by 0.8 per cent, with Mashreq and Shuaa Capital also falling.
Shares in Du closed up 0.7 per cent after the telco said it would cut costs by more than Dh1 billion by the end of 2019.
In Saudi Arabia, the Tadawul ended the day up 0.8 per cent, thanks to gains by Jabal Omar and Saudi Telecom.
jeverington@thenational.ae
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