DUBAI: Stock markets in the United Arab Emirates edged higher on Friday, buoyed by rising oil prices and growing expectations of a US Federal Reserve rate cut next month.
While the Fed has maintained a cautious tone on further monetary easing amid a dearth of economic data caused by the prolonged US government shutdown, several influential policymakers have signalled openness to additional cuts.
Recent comments from New York Fed President John Williams and Governor Christopher Waller, suggesting a December move may be warranted, have strengthened dovish market bets.
Dubai’s benchmark index rose 0.4 percent to 5,837, extending gains from the previous session, lifted by real estate and utilities stocks.
Blue-chip developer Emaar Properties added 0.8 percent, while its unit Emaar Development advanced 2.1 percent. Dubai Electricity and Water Authority, the state-owned utility, climbed 1.9 percent.
Abu Dhabi’s benchmark index gained 0.4 percent to 9,747, snapping a five-session losing streak. First Abu Dhabi Bank
edged up 0.1 percent, while Abu Dhabi Commercial Bank jumped 4.8 percent, marking its sharpest intraday gain in over two months.
For November, Dubai’s index fell 3.7 percent, its steepest monthly decline this year after March, while Abu Dhabi’s benchmark shed 3.5 percent, according to LSEG data.