Stock markets in the United Arab Emirates rebounded from previous losses to close slightly up on Friday, supported by steady oil prices and a temporary ceasefire between Israel and Hamas.
Oil registered its first weekly gain in five weeks, supported by some expectation that the Saudi-led OPEC+ producer group could reduce supply to balance the market into 2024, with Brent crude futures gaining 0.4%, to $81.79 a barrel by 1149 GMT.
The OPEC+ surprised the market with an announcement on Wednesday that it would postpone a ministerial meeting by four days to Nov. 30 after producers struggled to reach a consensus on production levels.
Meanwhile, a temporary ceasefire between Israeli and Hamas forces took hold in the Gaza Strip on Friday, the first respite in 48 days of conflict that has devastated the Palestinian enclave, but both sides warned that the war was far from over.
In Dubai, the main share index rose 0.2% on the back of a 0.8% increase in its largest lender Emirates NBD Bank and a nearly 1% hike in road toll operator Salik Company.
Major Gulf markets ease, Saudi to snap 4-day winning streak
The index posted a weekly loss of 0.1% after four consecutive weekly gains.
Abu Dhabi’s index added 0.2%, led by a 0.9% rise in the country’s largest lender First Abu Dhabi Bank and a more than 7% surge in Burjeel Holdings.
The index registered a 0.2% decline after third straight consecutive weekly gain.
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