Stock markets in the United Arab Emirates closed higher on Friday as oil prices rebounded on expectations of better demand in the long run, offsetting fears that more interest rate hikes could curb global economic growth.
Two of the most closely followed predictors of global oil demand, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) - see it growing by between 2% and 3% this year and next.
Abu Dhabi equities advanced 1.9% to mark their best day since early March. The country’s largest lender Abu Dhabi First Bank jumped 3.1% and telecoms firm e&, formerly known as Emirates Telecommunications, gained 3.8%.
Among other stocks, investment firm Multiply Group surged 6.9%, rallying for a ninth straight day.
Gulf stocks sink as markets brace for more aggressive rate hikes
The company on Tuesday acquired a 7.3% stake in Abu Dhabi National Energy Company in a deal valued at AED 10 billion ($2.72 billion).
Shares of Dhabi National Energy Company were up 4.4%.
In Dubai, the main share index rose 0.8%, with state-run Dubai Electricity and Water Authority adding 1.6% and blue-chip developer Emaar Properties increasing 0.9%.
Abu Dhabi and Dubai indexes posted weekly gains of 4.1% and 3.8%, respectively.
========================================= ABU DHABI up 1.9% to 10,205 points DUBAI rose 0.8% to 3,489 points =========================================
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