UAE stocks gain on corporate earnings

UAE stock markets closed higher on Thursday amid increased transactions that amounted to around AED1.87 billion over 392 million shares.

Dubai General Index closed 1.19 per cent higher as Emaar properties gained 4 per cent following a definitive agreement to sell Emaar Malls’ entire share capital in online fashion retailer Namshi to Noon for AED 1.23 billion.

The sale of Namshi was confirmed on Thursday with Emaar stating they will invest the proceeds from the transaction "into its core real estate development business".

Abu Dhabi index (FTFADGI) rose 0.2 per cent to 10,021.749 pts, with conglomerate International Holding Company (IHC.AD), traded as ASMAK, closing high at AED 341.600, and NBAD at AED 19.920.

Among other stocks, Abu Dhabi Commercial Bank (ADCB) and ADNOC Drilling moved higher 0.33 per cent to AED 9.230 and 0.28 per cent to AED 3.640 respectively.