Stock markets in the United Arab Emirates closed higher on Friday, tracking crude prices as the prospects of lower exports from Russia heightened investors’ risk sentiment.
Oil price - a key contributor to Gulf’s economies – extended gains to a second session on Friday with Brent crude futures rising 61 cents, or 0.74%, to $82.82 per barrel by 1114 GMT.
On Wednesday, Reuters exclusively reported that Russia plans to cut oil exports from its western ports by up to 25% in March versus this month, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said.
Gains in utilities sector stocks helped Dubai’s main index to close 0.2% higher amid volatile trading session.
State-run utility firm Emirates Central Cooling Systems Corp and Dubai Investments jumped 1.3% each.
Major Gulf bourses drop on Fed’s hawkish tone
Abu Dhabi benchmark index edged .01% higher, snapping a four-session losing streak, helped by a 2.2% hike in real estate developer Aldar Properties, shares of Sharjah-based Dana Gas rose 2.1%.
Among the gainers, Fujairah Building Industries surged 5.9%, its highest intraday jump since late-November, after the firm announced full-year cash dividend of 30% of company’s share capital.
According to Daniel Takieddine, CEO MENA at BDSwiss, rising oil and Developments around the ADNOC Gas IPO aided in improving risk appetite among investors.
Abu Dhabi and Dubai markets ended the week on a negative note with indexes losing 1.2% and 1.1%, respectively.
================================= ABU DHABI up 0.1% to 9,859 DUBAI rose 0.2% to 3,419 =================================
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