Dubai stocks closed higher on Friday ahead of U.S. inflation data that is expected to validate bets on rate cuts in 2024, while Abu Dhabi shares fell.
Oil prices - a key catalyst to the Gulf's financial markets - rose on Friday as persistent tensions in the Red Sea deepened energy supply concerns.
More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out by the Houthi militant group, which say they are responding to Israel's war in Gaza.
Brent crude were up 0.81% at $80.03 a barrel by 1118 GMT
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the United Arab Emirates, is usually guided by Fed policy decisions because most regional currencies are pegged to the dollar.
Dubai's main index (.DGMGI) gained 0.4%, supported by a 1.9% hike in toll operator Salik Company (SALIK.DU), while Dubai's biggest lender Emirates NBD Bank added 1.2%.
Among the winner, real estate developer Union Properties (UPRO.DU) rose 1.8% after the firm's board approved a deal with a national bank to settle company and its subsidiaries' debt.
The Dubai index recorded a 0.6% weekly gain, according to LSEG data.
Meanwhile, Abu Dhabi's benchmark index edged 0.04% down, pressured by a 4.8% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD).
However, Emirates Stallions Group (ESG.AD) surged 14.9%, its highest intraday gain since late July, after the firm acquired a majority stake in United International Group.
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