Stock markets in the United Arab Emirates closed higher on Friday, as oil prices firmed after OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse oil output increases.
Oil prices – a key catalyst for Gulf’s financial market – were up 0.39% to $79.89 a barrel by 1057 GMT.
Abu Dhabi’s benchmark index gained 0.2%, lifted by a 0.3% increase in UAE’s largest listed firm, International Holding Company and a 0.9% hike in IHC-owned conglomerate Alpha Dhabi Holding.
Among the gainers, sports management firm Palms Sports surged 4.8% after being selected as the El Qalaa El Hamraa Mega Sports Complex operator in Egypt.
Gulf markets end muted; Qatar extends gain
Dubai’s main index settled 0.1% higher, breaking three sessions’ losing streak as supported by a 1.3% rise in top lender Emirates NBD Bank and a 0.5% gain in Dubai Islamic Bank.
However, the Dubai index witnessed some price fluctuation due to investors’ cautious behaviour ahead of crucial U.S. non-farm payroll data, which will provide clues on the timing of the Federal Reserve’s rate cuts.
The U.S. non-farm payroll report for May due later in the day.
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