Stock exchanges in the United Arab Emirates closed higher on Friday, tracking gains in oil prices as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.
Oil prices, a key factor for the Gulf’s economy, rebounded on Friday with Brent crude gaining 0.46% to $77.95 a barrel by 1124 GMT.
Gains in ADNOC-owned companies helped Abu Dhabi’s main index stay in the green as Adnoc Drilling and Adnoc Logistics & Services both rose 2.7%.
Among the gainers, Conglomerate International Holding Co inched up 0.2%, while the UAE’s largest lender First Abu Dhabi Bank rose 0.3%.
Most Gulf markets gain on rising oil prices
Abu Dhabi market saw significant volatility this week and could remain exposed to impact of geopolitical tensions in the region, George Khoury, global head of education and research at CFI, said.
Dubai’s benchmark index closed slightly higher, up 0.02%, helped by a 1.7% rise in Emirates Central Cooling Systems Corp and a 0.4% increase in lender Dubai Islamic Bank.
The Abu Dhabi and Dubai indexes rose 0.9% and 0.7%, respectively, in the first week of the year, according to LSEG data.
================================ ABU DHABI up 0.1% at 9,661 DUBAI up 0.02% at 4,088 ================================
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