Stock markets in the UAE rose yesterday, after Reuters reported that the United States, Saudi Arabia, India and other nations are discussing a possible rail and port deal.
The infrastructure deal talks, which have also included the UAE, could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations.
Abu Dhabi’s benchmark index settled 0.3 per cent higher, bolstered by gains in real estate and banking stocks, including National Marine Dredging Company, which added 3.9pc, while real estate giant Aldar Properties increased 0.6pc.
UAE’s largest lender, First Abu Dhabi Bank, gained 1.1pc.
After a month of price corrections, the Abu Dhabi market could rebound if traders continue to buy the dips and a rebound in oil prices could provide a boost to investor sentiment, said Hani Abuagla, Senior Market Analyst at XTB Mena.
Oil prices rebounded from the previous session’s fall, as investors weighed fears about the health of China’s economy against supply cuts from major producers Saudi Arabia and Russia.
Dubai’s main index closed 0.2 higher, elevated by a 0.9pc rise in top lender Emirates NBD Bank and a 1.2pc jump in state-run Dubai Electricity And Water Authority.
The Abu Dhabi and Dubai indexes posted weekly losses of 1pc and 0.55pc respectively, according to LSEG data.
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