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Dubai’s main share index inched up on Friday on renewed hopes over state-run DEWA’s initial public offering, while sentiment in Abu Dhabi was muted amid volatile crude prices.

Oil prices dipped in and out of negative territory ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release by the United States.

U.S. President Joe Biden on Thursday announced a release of 1 million barrels per day for six months, starting in May, which will be the largest release ever from the U.S. Strategic Petroleum Reserve (SPR).

Most markets recoup losses; Abu Dhabi gets Etisalat boost

“The Dubai stock market was volatile as the market hit a peak and investors moved to secure their gains while DEWA’s IPO continues to fuel a positive sentiment,” said Eman AlAyyaf, CEO of EA Trading.

Dubai Electricity and Water Authority’s (DEWA) initial public offering (IPO), which could raise up to $5.7 billion, has seen heavy demand during its book-building process at the top end of the price, sources familiar with the matter said.

Instability in oil markets could lead to price corrections in Abu Dhabi, AlAyyaf added.

In Dubai, the main share index rose 0.3%, helped by gains in communication services stocks.

The index gained 3.7% this week, its second consecutive weekly rise.

Sector heavyweight Emirates Integrated Telecommunications Company ended 2% higher.

Abu Dhabi’s index ended 0.2% lower and posted a weekly gain of 1.6%.

ABU DHABI down 0.2% to 9,929

DUBAI up 0.3% to 3,537

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