United Arab Emirates’ stock markets closed higher on Friday as oil prices gained, with investors expecting next week’s OPEC+ meeting to not result in a supply boost.
Oil prices, a key catalyst for the Gulf’s financial markets, rose more than $2 a barrel on Friday, extending gains from the previous session on lower crude inventories and a rebound in gasoline demand in the United States.
UAE’s main share index advanced 1.1% as its biggest lender, Emirates NBD, climbed 4.2% a day after posting a 42% jump in second-quarter net profit.
The index logged a weekly gain of 2.5%, according to refinitiv data.
Among other stocks, blue-chip developer Emaar properties gained 1.5% after a report stated that Dubai’s residential real estate transaction volumes were up 60% with an 85% rise in the value of property sold.
The Dubai stock market extended its gains, thanks to strong earnings and improving sentiment among investors, said Farah Mourad, senior market analyst at XTB MENA.
Abu Dhabi index rose 1.1%, with conglomerate International Holding Company rising 1.3%, while telecoms firm e& added 2.9% ahead of its results on Aug. 1.
Among other stocks, petrochemical maker Borouge surged around 3% after it reported a 35% growth in its second-quarter net profit to $490 million as overall production capacity improved.
Separately, most of the Gulf central banks lifted their key interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar.
==================================== ABU DHABI up 1.1% to 9,649 points DUBAI rose 1.1% to 3,338 points ====================================