Abu Dhabi Exchange tracks oil higher; Dubai apartments

Investors monitor a screen showing stock information at the Abu Dhabi Stock Exchange on June 25, 2014. REUTERS/Stringer

Aug 26 (Reuters) – Abu Dhabi shares closed higher on Friday as oil prices rose, but the Dubai index capped two sessions of gains and ended flat.

In Abu Dhabi, stocks (.FTFADGI) rose 0.6%, led by the country’s largest bank, First Bank Abu Dhabi, which rose 1.4% (FAB.AD).

Crude oil prices, the main catalyst for Gulf financial markets, rose $1 as new U.S. data eased recession fears, although upcoming speeches from the Federal Reserve chair capped further gains.

Reuters reported on Friday, citing people familiar with the matter, that the United Arab Emirates shares views with Saudi Arabia on the crude oil market. read more

On Monday, OPEC’s de facto leader, Saudi Arabia, said it was possible to balance the oil market with production cuts. read more

Fadi Reyad, a market analyst at CAPEX.com, said the Abu Dhabi Exchange performed well as oil prices moved.

Dubai’s main stock index (.DFMGI) Despite a flat close, the stock rose 1.3% for the third week as gains in financials were offset by losses in real estate.

UAE NBD Bank (ENBD.DU) rose 1.5%, while Emaar Properties (Emar. You) It fell 1.8%.

The blue-chip developer rose 4 percent on Wednesday on plans to boost foreign ownership.

Shareholders will also vote on September 21 on the acquisition of certain assets of Dubai Holding for 3.75 billion dirhams ($1.02 billion) in mandatory convertible bonds.

(1 USD = 3.6729 UAE Dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by David Evans

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