Stock markets in the United Arab Emirates rose on Friday, tracking gains in oil prices on the prospect that OPEC+ will continue to curb output.
Three sources from the OPEC+ group said it could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand does not increase.
Brent crude was up 0.3% to $83.94 a barrel by 1124 GMT.
Abu Dhabi’s benchmark index settled 0.1% higher, rebounding back from previous two sessions’ losses, helped by a 3.9% surge in IHC-owned investment firm Multiply Group ahead of its earnings later in the day.
Market heavyweight First Abu Dhabi Bank and Aldar Properties gained 0.7% and 2.1%, respectively.
Gulf markets end mixed; Qatar hits six-month low
Among the gainers, Abu Dhabi Aviation surges 7.2%, its highest intraday gain in 10 months, after the firm completed the acquisition of stakes in Etihad Airways Engineering, Advanced Military Maintenance Repair and Overhaul Centre (AMMROC) and Global Aerospace Logistics (GAL) from Abu Dhabi sovereign wealth fund ADQ’s subsidiary.
Dubai’s main index edged up 0.1%, supported by a 1.3% rise in state-run Dubai Electricity and Water Authority and 2.4% increase in Emaar Development.
While gains in the index were stemmed by a 1.3% decline in blue-chip developer Emaar Properties and 0.6% decrease in top lender Emirates NBD Bank.
================================= ABU DHABI up 0.1% to 9,037 DUBAI rose 0.1% to 4,143 =================================
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