UAE stock markets rose on Friday in tandem with global equity markets after Russian President Vladimir Putin signalled a positive shift in talks with Ukraine, but were on track for their weekly decline.
Meanwhile, oil prices gained on Friday on continued concerns about supply disruptions for Russian oil and oil products, as Brent crude futures climbed to $112.19 a barrel by 1016 GMT.
Last week Brent rose over 20%, its biggest weekly rise in percentage terms since May 2020 when Brent traded below $30 a barrel.
In Dubai, the main share index(.DFMGI)gained 0.6%, ending its fifth session of losses in a row. Financials and industrials stocks were among the big gainers.
The blue-chip developer Emaar Properties(EMAR.DU)was up 1.5%.
Dubai Investment(DINV.DU)also rose 2.1%, after its board proposed a 12% dividend for year 2021.
The index posted a 1.4% weekly fall, the biggest weekly fall this year since February first week.
Abu Dhabi's index(.FTFADGI)rose 0.3% and lost 0.5% this week.
The country's largest lender First Abu Dhabi Bank(FAB.AD)was up 0.5%.
Abu Dhabi stock market saw a small decline as the drop in oil prices pulled it down. The market remains on an upward trend overall and could return to the positive territory, said Wael Makarem, Senior Market Strategist – MENA at Exness.
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