DUBAI: Stock markets in the United Arab Emirates closed higher on Friday, with the Abu Dhabi index leading gains ahead of an OPEC+ meeting two days later.
OPEC+ is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday.
Abu Dhabi’s benchmark index advanced 1.3%, rebounding to a second session after hitting a 28-month low on May 29, boosted by a 1.9% surge in UAE’s largest listed firm International Holding Company, and a 3.9% jump in Emirates Telecommunication Group.
Abu Dhabi index notched up 0.3% after two weeks of losses, and logged 2.3% of monthly decline, according to LSEG data.
However, Brent crude - the key contributor to the Gulf’s economy - was trading 0.04% lower at $81.83 a barrel by 1156 GMT. Among the gainers, Abu Dhabi’s flagship shipping firm Abu Dhabi Ports Company gained 1.8% after the firm signed an MoU with Madagascar’s Economic Development Board to explore the development of economic cities & free zones, ports, marina and cruise port facilities.
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