Modest gains were seen for the benchmark equity indices in both Dubai and Abu Dhabi heading into the weekend break, with the firming oil price likely to be lending a degree of support.
- National Bank of Umm Al Qaiwain +11%
- ADNOC Drilling +2.6%
- Al Salam Bank -2.7%
National Bank of Umm Al Qaiwain was the day’s biggest riser, having added an impressive 11% on the day. After yesterday’s marked sell-off from limited trade, there have clearly been some investors interested in trying to pick up the stock at a discount.
ADNOC Drilling also saw more gains on Friday, advancing 2.6%. The company has seen increasingly brisk levels of trade as the week progressed, following that news of the multi-million dollar rig contract. Shares have pushed out to fresh all time highs as a result.
Al Salam Bank was the worst performer with the Bahrain/Dubai dual listed bank selling off around 2.7%. As is common in the sector this is a thinly traded stock but the losses have been building in recent days, with the share now sitting around 6% down from the levels posted earlier in the week.
