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Shares in the United Arab Emirates ended higher on Friday, tracking gains in oil prices after OPEC+ agreed to tighten global supplies with an agreement to cut output targets by 2 million barrels per day (bpd).
Crude oil prices, a key catalyst for Gulf financial markets, were set for a second week of gains, trading above $95 a barrel, up from around $88 earlier in the week. The production cuts by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, come before the European Union imposed an embargo on Russian oil, which will squeeze supply in an already tight market.
Dubai’s main stock index rose 0.7%, while major bank Emirates NBD rose 1.5%. The Dubai bourse rose more than 1% on a weekly basis for the first time in three weeks. Separately, Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion group Apparel Group have formed an alliance to expand in the Gulf, the companies said on Thursday.
In Abu Dhabi, the index closed up 0.1% and also posted its first weekly gain in three weeks, supported by a 1.3% rise in telecoms firm e&, formerly known as Etisalat. Major stock markets in the rest of the Gulf were closed on Friday.
(Reporting by Ateeq Shariff in Bengaluru, Editing by Mark Potter)
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