UAE bourses end higher on financial, telecom boost

Jan 21 (Reuters) – 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.

Dubai’s main share index (.DFMGI) added 1.3%, as Emirates NBD Bank (ENBD.DU) 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 (.FTFADGI) edged up 0.3% as gains in telecom shares helped offset a slip in financial stocks.

Telecoms operator Etisalat Group (ETISALAT.AD) rose 3.2%, while the country’s largest lender First Abu Dhabi Bank (FAB.AD) 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.

($1 = 3.6726 UAE dirham)Reporting by Shamsuddin Mohd in Bengaluru; Editing by Ramakrishnan M.

This article was originally published by Reuters.