Stock markets in the United Arab Emirates rose on Friday, tracking higher oil prices and optimism that the Chinese economy is finally turning a corner.
Oil prices — a key catalyst for the Gulf's financial market — were up 0.4% on supply concerns after Saudi Arabia and OPEC+ extended production cuts to the end of the year, with Brent trading at $94.11 a barrel by 1130 GMT.
Upbeat retail sales and industrial output data for August added to signs of stabilization in the economy of China, the world's biggest oil importer.
In Abu Dhabi, the index (.FTFADGI) rose 0.9%, extending its winning streak to a seventh session, while weekly gains hit over a seven-month high.
The index was lifted by a 1.2% gain in International Holding Company (IHC.AD) and a 1.8% and 1.2% rise in its units Multiply Group (MULTIPLY.AD) and Alpha Dhabi (ALPHADHABI.AD), respectively.
Abu Dhabi-based investment manager Lunate, owned by its senior management and Chimera Investment, said on Thursday it was launching with over $50 billion in assets under management and a focus on private markets.
Chimera is part of Sheikh Tahnoon's private investment firm Royal Group, which is majority owner of IHC.
Dubai's benchmark index (.DFMGI) ended 0.2% higher, snapping its three-session losing streak, supported by a 2.6% rise in Emirate's largest lender Emirates NBD (ENBD.DU) and a 1.2% gain in Dubai Electric (DEWAA.DU).
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