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Saturday, Oct 01, 2022

UAE indexes extend rally as oil rebounds on growth outlook

UAE indexes extend rally as oil rebounds on growth outlook

Stock markets in the United Arab Emirates closed higher on Friday as oil prices rebounded on expectations of better demand in the long run, offsetting fears that more interest rate hikes could curb global economic growth.
Two of the most closely followed predictors of global oil demand, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) - see it growing by between 2% and 3% this year and next.

Abu Dhabi equities (.FTFADGI) advanced 1.9% to mark their best day since early March. The country's largest lender Abu Dhabi First Bank (FAB.AD) jumped 3.1% and telecoms firm e& (ETISALAT.AD), formerly known as Emirates Telecommunications, gained 3.8%.

Among other stocks, investment firm Multiply Group (MULTIPLY.AD) surged 6.9%, rallying for a ninth straight day. The company on Tuesday acquired a 7.3% stake in Abu Dhabi National Energy Company (TAQA.AD) in a deal valued at AED 10 billion ($2.72 billion).

Shares of Dhabi National Energy Company were up 4.4%.

In Dubai, the main share index (.DFMGI) rose 0.8%, with state-run Dubai Electricity and Water Authority (DEWAA.DU) adding 1.6% and blue-chip developer Emaar Properties (EMAR.DU) increasing 0.9%.

Abu Dhabi and Dubai indexes posted weekly gains of 4.1% and 3.8%, respectively.

($1 = 3.6727 UAE dirham)

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