United Arab Emirates stock markets increased on Friday as a result of rising oil prices and hope that the Chinese economy is finally making progress.
UAE shares end higher: Brent was trading at $94.11 a barrel by 1130 GMT, up 0.4% on supply concerns following Saudi Arabia and OPEC+’s extension of production restrictions until the end of the year. Oil prices are a major driver of the Gulf’s financial sector.
Positive retail sales and industrial output numbers for August contributed to indications that China’s economy, the world’s largest oil importer, is stabilising.
The index increased by 0.9% in Abu Dhabi, extending its winning streak to seven sessions, while weekly gains exceeded a seven-month high.
International Holding Company saw a 1.2% increase, and its subsidiaries Multiply Group and Alpha Dhabi saw increases of 1.8% and 1.2%, respectively.
The senior management and Chimaera Investment-owned investment firm Lunate, based in Abu Dhabi, announced on Thursday that it was debuting with over $50 billion in assets under management and a concentration on private markets.
Sheikh Tahnoon’s private investment company, Royal Group, which includes Chimaera, largely owns IHC.
However, Dubai’s benchmark index closed 0.2% higher, breaking a three-session losing run, thanks to gains of 1.2% at Dubai Electric and 2.6% at Emirates NBD, the largest lender in the Emirate.