The stock markets of the United Arab Emirates rose Friday. Abu Dhabi's Index outperformed the other two due to a rise in shares by its largest listed company, International Holding Company.

Abu Dhabi's benchmark Index settled 0.5% higher thanks to a 1.2% increase in IHC and a 2.1% rise for Adnoc Gas. Adnoc Gas signed a 10-year contract with India's GAIL, a company that sells and purchases LNG.

IHC's share price rose 1.5% after the launch of a buyback program worth 5 billion dirhams (1.36 billion dollars).

IHC announced that a first tranche of 1.8 billion Dirhams, or 36% of the total amount, will be launched on November 18.

Abu Dhabi Ship Building, a defence contractor, gained 7.9% intraday for its largest gain in almost 3-years. The company reported a double in revenue for the third quarter to 339 millions dirhams. Profit for the three-month period was more than 600% higher year-on-year.

Dubai's main stock index rose 0.2%. Emaar Development, which grew by 3.2% and Dubai Electricity and Water Authority, which grew by 1.2% both contributed to the increase.

National General Insurance, a multi-line insurer, gained 6.3% after reporting a nearly threefold increase in its quarterly net profit at 50.5 million dirhams.

Brent crude fell 0.39% to $75.28 on concerns about declining Chinese demand and expectations that the U.S. Federal Reserve will not cut interest rates as much.

According to LSEG, the Dubai index ended up on a positive note for a sixth consecutive week, adding 2.2%. Abu Dhabi's index, however, halted its two-week streak of gains and slipped 0.1%. $1 = 3.6729 UAE Dirham (Reporting and editing by Kirby Donovan in Bengaluru)

(source: Reuters)