UAE shares jump as PMI shows solid growth in August

Stock markets in the United Arab Emirates rose on Friday after a business survey showed the country’s non-oil private sector expanded at a solid pace in August, driven by stronger output and new business growth. The S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.3 in August from 52.7 in July. Dubai’s main index advanced 0.7% in broad-based gains, led by a 2.2% rise in blue-chip developer Emaar Properties, while low-cost carrier Air Arabia added 2.1%. Air Arabia said it would increase its Bangkok frequency with four daily flights from Sharjah. Abu Dhabi’s benchmark index advanced 0.5%, helped by a 1.5% gain in the UAE’s largest lender First Abu Dhabi Bank and a 1.2% rise in Abu Dhabi Commercial Bank. Aldar Properties climbed 1.6% after completing mortgage financing on an off-plan property for its customers through Abu Dhabi Real Estate Centre’s (ADREC) newly launched framework. Oil prices — a key catalyst for the Gulf’s financial market — were down 0.45% to $95.11 a barrel by 1139 GMT.