DUBAI: The Dubai stock exchange closed higher on Friday, ahead of crucial US employment data that could hasten bets for rate cuts, while Abu Dhabi’s index fell.
Economists polled by Reuters estimated the US economy added 180,000 new jobs last month after creating 216,000 in December.
The employment data is due at 1330 GMT.
Most Gulf Cooperation Council countries, including the United Arab Emirates (UAE), peg their currencies to the US dollar and follow the Fed’s policy moves closely.
Oil prices, a key contributor to Gulf’s economy, rebounded on Friday after the OPEC+ group decided to keep production policy unchanged.
Brent crude was up 0.60% to $79.17 a barrel by 1058 GMT
Dubai’s main index gained 0.2%, helped by a 3.4% jump in Emirates Central Cooling Systems Corporation, while Dubai’s top lender Emirates NBD Bank increased 1.4%.
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