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Sept 16 (Reuters) – United Arab Emirates stocks ended higher on Friday as oil prices rebounded on expectations of improved long-term demand, offsetting concerns that further interest rate hikes could dampen global growth.
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the most closely watched forecasts of global oil demand, are forecasting growth of 2% to 3% this year and next. read more
Abu Dhabi stocks (.FTFADGI) It rose 1.9% for its best one-day performance since early March.Abu Dhabi First Bank, the country’s largest bank (FAB.AD) up 3.1%, telecoms company e& (ETISALAT.AD)formerly known as Etisalat, rose 3.8 percent.
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Among other stocks, investment firm Multiply Group (multiply.AD) It rose 6.9 percent, its ninth straight day of gains.The company on Tuesday acquired a 7.3% stake in Abu Dhabi National Energy Company (TAQA.AD) A deal worth AED 10 billion ($2.72 billion).
Shares in Zabi National Energy rose 4.4%.
In Dubai, the main stock index (.DFMGI) Up 0.8%, state-run Dubai Electricity and Water Authority (DEWAA.DU) up 1.6% and blue-chip developer Emaar Properties (Emar. You) An increase of 0.9%.
The Abu Dhabi and Dubai indices posted weekly gains of 4.1% and 3.8%, respectively.
(1 USD = 3.6727 UAE Dirham)
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Reporting by Mohd Edrees in Bengaluru; Editing by Devika Syamnath
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