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Mashreqbank drives Dubai index up, Abu Dhabi index declines

The Mashreqbank 15% increase helped the Dubai index conclude higher on Friday, while the Abu Dhabi equities declined due to instability in the oil market.


On the final trading day of September, Dubai edged up while Oman and Murban fell in price for Middle Eastern crude benchmarks.


The main stock index in Dubai increased by 0.7%, driven by increases in heavyweight financial and real estate stocks. Blue-chip developer Emaar Properties rose by 1.4%, and Emaar Development , a subsidiary of Dubai developer Emaar, saw a 2.9% increase.


Shares of Mashreqbank increased after news broke on Wednesday that the lender had received offers from a number of businesses to buy a stake in its payment division.


Low-cost airline Air Arabia, among other equities, increased 1.5% after announcing a new direct trip to Moscow.


However, the index experienced its largest monthly decline since June, a 3% monthly loss.


The largest lender in the United Arab Emirates, First Abu Dhabi Bank, fell 2.6%, and the energy company Abu Dhabi National Energy Company fell 1.6%, causing the index in Abu Dhabi to decline by 0.7%.


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