UAE stocks gain $2.26bln on Friday
The UAE financial markets on Friday posted gains of around AED8.3 billion in market cap driven by upbeat sentiments at the realty, banking and telecom sectors and cash inflows by institutions and individuals alike.
Realty and banking blue chips accounted for the lion's share of transactions that amounted to more than 14,700 worth around AED1.67 billion over 353.7 million shares.
Dubai General Index (DFMGI) advanced 0.007 percent to 3,462.890 pts as blue-chip developer Emaar properties continued to hike, closing higher at AED6.100 after drawing AED155.9 million in cash flows.
Among other stocks, Emirates NBD, Dubai Islamic Bank, and TECOM increased 1.84 percent, 0.84 percent and 0.41 percent respectively.
Abu Dhabi index (FTFADGI) rose 0.133 percent to 10,035.060 pts, with conglomerate International Holding Company (IHC.AD), traded as ASMAK, closing slightly down at AED341.00, after AED312 million of liquidity and NBAD edging higher to AED20.200.
Among other stocks, Abu Dhabi Islamic Bank rose 1.32 percent to AED9.200 and ADNOC Distribution moved higher to AED4.690.
Saturday 27 August 2022
Oil Posts Weekly Gain as #Saudi Warning Lingers Over Market - Bloomberg
Oil Posts Weekly Gain as Saudi Warning Lingers Over Market - Bloomberg
Oil rose this week with Saudi Arabia’s warning that supply cuts may be warranted overshadowing multiple bearish developments.
West Texas Intermediate futures settled at $93.06 a barrel on Friday for a 2.5% weekly gain. Prices have been buoyed since the Saudi oil minister said the OPEC+ alliance may limit production to stabilize a volatile market. Meanwhile, the US central bank probably will continue raising interest rates to combat inflation, Federal Reserve Chair Jerome Powell signaled. Higher rates are typically seen as damaging to energy demand.
“Powell reminded Wall Street that restrictive policy is required but we are not there yet, so recession fears and a deteriorating crude demand outlook is not warranted yet,” said Ed Moya, senior market analyst at Oanda.
Oil has lost almost a quarter of its value since June on escalating concerns over a global economic slowdown, but seems to have found a floor around $90 a barrel this month. The prospect of a revived nuclear deal with Iran, which could lead to a surge in crude exports, has added to bearish sentiment recently.
With inflation still rampant, Fed officials revived concerns Friday that they would take continue to move aggressively to slow the economy.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said in remarks prepared for a policy forum in Jackson Hole, Wyoming. “The historical record cautions strongly against prematurely loosening policy.”
Oil rose this week with Saudi Arabia’s warning that supply cuts may be warranted overshadowing multiple bearish developments.
West Texas Intermediate futures settled at $93.06 a barrel on Friday for a 2.5% weekly gain. Prices have been buoyed since the Saudi oil minister said the OPEC+ alliance may limit production to stabilize a volatile market. Meanwhile, the US central bank probably will continue raising interest rates to combat inflation, Federal Reserve Chair Jerome Powell signaled. Higher rates are typically seen as damaging to energy demand.
“Powell reminded Wall Street that restrictive policy is required but we are not there yet, so recession fears and a deteriorating crude demand outlook is not warranted yet,” said Ed Moya, senior market analyst at Oanda.
Oil has lost almost a quarter of its value since June on escalating concerns over a global economic slowdown, but seems to have found a floor around $90 a barrel this month. The prospect of a revived nuclear deal with Iran, which could lead to a surge in crude exports, has added to bearish sentiment recently.
With inflation still rampant, Fed officials revived concerns Friday that they would take continue to move aggressively to slow the economy.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said in remarks prepared for a policy forum in Jackson Hole, Wyoming. “The historical record cautions strongly against prematurely loosening policy.”
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