UAE shares end higher on strong oil, China optimism
UAE shares end higher on strong oil, China optimism: The expectation that the Chinese economy is finally turning the corner and rising oil prices drove Friday’s gains in the UAE’s stock markets.
Due to supply worries, oil prices, which are a major driver of the Gulf’s financial market, increased by 0.4% as OPEC+ and Saudi Arabia extended their production cutbacks until the end of the year. As of 1130 GMT, Brent was trading at $94.11 per barrel.
Positive retail sales and industrial production figures for August supplemented indications of economic stability in China, the largest oil importer in the world.
Weekly gains exceeded a seven-month high in Abu Dhabi, as the index (.FTFADGI) increased 0.9%, extending its winning run to a seventh session.
International Holding Company (IHC.AD) had a 1.2% increase, while its units Multiply Group (MULTIPLY.AD) and Alpha Dhabi (ALPHADHABI.AD) saw 1.8% and 1.2% increases, respectively, lifting the index.
Owned by Chimera Investment and senior management, Lunate is an investment manager located in Abu Dhabi. It announced on Thursday that it was starting with an emphasis on private markets and more than $50 billion in assets under management.
Chimera is a component of Royal Group, Sheikh Tahnoon’s private investment company that owns the majority of IHC.
With a 2.6% increase in Emirates NBD (ENBD.DU), the biggest lender in the United Arab Emirates, and a 1.2% gain in Dubai Electric (DEWAA.DU), the benchmark index for Dubai (.DFMGI) finished 0.2% higher, ending a three-session losing run.
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