Stock markets in Dubai extended gains for the third consecutive session amid a strong oil price and on expectations of a U.S. rate cut, but Abu Dhabi fell marginally ending a three-day rally.
Data on Thursday showed U.S. consumer prices fell in June, stoking speculation that the Federal Reserve will cut interest rates soon.
Oil prices also rose as signs of strong summer demand and easing inflationary pressures in the United States boosted investor confidence.
Brent crude futures were up 52 cents, or 0.6%, to $85.92 a barrel at 1051 GMT.
Most Gulf markets in black ahead of US inflation test
In Dubai, the main share index, rose 0.3% led by a 0.9% rise in Dubai’s largest lender, Emirates NBD Bank and a 0.6% lift in blue-chip developer Emaar Properties.
Abu Dhabi’s index ended in the red on the back of a 0.3% decline in country’s largest lender First Abu Dhabi Bank but Fertiglobe climbed over 1.7%.
Germany has awarded a tender to buy at least 259,000 metric tons of green ammonia between 2027 and 2033 to Fertiglobe.
=========================================== ABU DHABI down 0.1% to 9,143 points DUBAI was up 0.3% to 4,104 points ===========================================
Comments
Comments are closed for this article.