A woman walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike
Feb 25 (Reuters) – Stock markets in the United Arab Emirates stabilised on Friday, tracking global equities higher, as investors worldwide welcomed coordinated Western sanctions against Russia that targeted the banks but left Moscow's energy sector largely untouched.
The Russian assault by land, sea and air was the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes as explosions and gunfire rocked major Ukrainian cities. read more
In Dubai, the main share index (.DFMGI) rose 1.2%, a day after the benchmark posted its biggest daily fall in a month.
Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) were up 2.7% and 1.6%, respectively.
Deyaar Development (DEYR.DU) jumped 4.2% after the company said board has approved the proposal to write off the accumulated losses through using legal reserve and capital reduction.
The Dubai stock market stabilised after Thursday's slump while investors cautiously assess the impact of the Ukraine conflict on the world economy. The NATO is scheduled to hold a virtual meeting in Ukraine later in the day and any data released from that meeting could significantly affect the global market sentiment, said Farah Mourad, a senior market analyst with XTB MENA.
Abu Dhabi's index (.FTFADGI) added 0.4%, helped by a 0.6% jump in the shares of First Abu Dhabi Bank (FAB.AD), the country's largest lender.
The Abu Dhabi stock market was also supported by higher oil prices, which could bring large profits and counterbalance the risks posed by the conflict in Ukraine, added Mourad.
Both the indexes, however, lost 4% so far this week.
($1 = 3.6726 UAE dirham)
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