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Stock markets in the UAE closed higher yesterday, as oil prices firmed after Opec+ members Saudi Arabia and Russia indicated readiness to pause or reverse oil output increases.
Oil prices – a key catalyst for Gulf’s financial market – were up 0.39 per cent to $79.89 a barrel yesterday.
Abu Dhabi’s benchmark index gained 0.2pc, lifted by a 0.3pc increase in UAE’s largest listed firm, International Holding Company and a 0.9pc hike in IHC-owned conglomerate Alpha Dhabi Holding.
Among the gainers, sports management firm Palms Sports surged 4.8pc after being selected as the El Qalaa El Hamraa Mega Sports Complex operator in Egypt. Dubai’s main index settled 0.1pc higher, breaking three sessions’ losing streak as supported by a 1.3pc rise in top lender Emirates NBD Bank and a 0.5pc gain in Dubai Islamic Bank.
However, the Dubai index witnessed some price fluctuation due to investors’ cautious behaviour ahead of crucial US non-farm payroll data, which will provide clues on the timing of the Federal Reserve’s rate cuts.
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