DUBAI: Stock markets in the United Arab Emirates were mixed on Friday, with Dubai rebounding as steady oil prices and US data kept investors focused on the Federal Reserve’s rate path.
Oil prices - a catalyst for the Gulf’s financial markets - edged up as the market assessed mounting supply risks. Brent crude was up 0.27 percent, to USD59.98 a barrel at 1200 GMT.
Dubai’s benchmark index gained 0.6percent, recovering from the previous session’s losses and marking a fourth straight weekly rise.
Salik Company climbed 3.2 percent and Dubai Electricity and Water Authority added 2.9 percent after the utility said it awarded an AED 216 million contract to improve the efficiency and reliability of Dubai’s water transmission network.
“The market’s potential for further growth remains intact, given the local economy’s strong fundamentals,” said George Pavel, general manager at Naga.com Middle East, adding that liquidity could soften into year-end and the market remains below its peak.
In the United States, inflation rose less than expected in the year to November, though analysts cautioned the figures were likely distorted lower by the government shutdown. Weekly jobless claims fell, reversing the prior week’s jump and pointing to stable labour market conditions.
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