The UAE stock markets closed higher today, Friday, with Dubai's main index rising by 0.8%, driven by strong gains in the banking sector as most sectors' stocks increased. Dubai Islamic Bank's shares rose by 3%. Emirates NBD's shares increased by 1.4% following the announcement of a 120% growth in net profits for the first quarter to 6.01 billion dirhams ($1.64 billion) yesterday, Thursday.
The Dubai Financial Market stock closed up by 0.7% after the company reported a 30% year-on-year increase in net profits for the first quarter to 35.6 million dirhams ($9.70 million).
The index in Abu Dhabi rose by 0.4%, supported by a 3.7% increase in Multiply Group's shares ahead of the announcement of first-quarter earnings later today, Friday. Among the gaining stocks, Abu Dhabi Ports Company rose by 4.3%.
