Stock markets in United Arab Emirates ended higher on Friday, as oil prices firmed following reports that U.S. was not expecting Saudi Arabia to immediately boost oil production.
The market received further relief from indications the U.S. Federal Reserve could raise interest rates less aggressively than anticipated.
Dubai’s benchmark index rose 0.2%, supported by a 0.5% gain in sharia lender Dubai Islamic Bank and a 0.4% increase in top lender Emirates NBD.
The Dubai stock market was volatile after recording a rebound this week. “The market could return to the downside next week under the weight of the current global economic conditions,” said Fadi Reyad, market analyst at CAPEX.com MENA.
The Dubai index recorded a weekly gain of 1.7% after posting five consecutive weekly losses.
Separately, The United Arab Emirates has pledged $2 billion to help develop a series of “food parks” in India to tackle food insecurity in South Asia and the Middle East.
In Abu Dhabi, the index edged 0.1% higher, with Abu Dhabi National Oil Co for Distribution rising 1.2% and National Marine Dredging jumped 1.9%.
The United Arab Emirates wants a more stable oil market and will abide by decisions made by OPEC+, Anwar Gargash, the diplomatic adviser to the UAE president, said on Friday.
Gargash said Abu Dhabi would back any accord between Saudi Arabia and the United Sates if a deal is agreed during President Joe Biden’s visit to the kingdom this week.
================================== ABU DHABI 0.1% to 9,187 points DUBAI rose 0.2% to 3,160 points ==================================