DUBAI: Stock exchanges in the United Arab Emirates closed higher on Friday, driven by oil prices that rose on hopes of a trade deal between the United States and the European Union while US sanctions to curb Iranian oil exports elevate supply concerns.
US President Donald Trump and Italian Prime Minister Giorgia Meloni met in Washington and expressed optimism about resolving trade tensions that have strained relations between the US and Europe.
Oil prices - a catalyst for the Gulf’s financial markets - advanced 3% to $67.85 a barrel by 1110 GMT.
Dubai’s main market rose 0.7%, with most stocks in positive territory.
Toll road operator Salik Company jumped 1.4% while top lender Emirates NBD Bank boosted the index with a 0.8% gain.
The Dubai market continues to be underpinned by solid fundamentals and an easing of global trade tensions could provide further support for its recovery trajectory, said Tickmill’s Joseph Dahrieh.
The Dubai index gained 2.6% over the week, its biggest weekly advance so far this year, while Abu Dhabi registered a 1.3% weekly gain after two weeks of losses, LSEG data shows.
Abu Dhabi’s benchmark index settled 0.2% up, halting a two-session run of losses with support from a 2.3% jump in Abu Dhabi Commercial Bank and 1.5% gain for developer Aldar Properties.
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