UAE bourses track oil prices higher

Stock exchanges in the United Arab Emirates rose on Friday, in line with oil prices and global equities, as hopes of demand growth in top oil importer China boosted investor sentiment and slowing inflation trend in the United States eased aggressive rate hike fears.

Oil, a key catalyst for Gulf’s financial market, was up $0.74, or 0.88%, to $84.78 a barrel by 1106GMT.

Abu Dhabi’s share index advanced 0.6%, extending gains to the second session as real estate developer Aldar Properties jumped 2.9%, while fertiliser maker Fertiglobe rose 2.3%.

Gulf stocks skid ahead of US inflation data

Dubai’s main share index gained 0.3%, supported by gains in banking and real state sector stocks as sharia-compliant lender Dubai Islamic Bank was up 1.8% and blue-chip developer Emaar Properties added 0.5%.

Daniel Takieddine, CEO MENA at BDSwiss said the Dubai stock market remained relatively stable after U.S. inflation figures came out as expected.

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 ABU DHABI     up 0.6% to 10,151
 DUBAI         rose 0.3% to 3,324
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