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Russia shipments may reduce investor risk aversion
DUBAI (Reuters) – United Arab Emirates shares closed higher, mirroring oil prices, as investor risk aversion increased on the possibility of lower Russian shipments.
Brent crude futures rose 61 cents, or 0.74%, to $82.82 a barrel by 1114 GMT on Friday, as oil prices continued to rise.
Russia wants to go beyond its planned production curbs and cut oil shipments from its western ports in March by up to 25% compared with this month, three sources in the Russian oil market said, Reuters exclusively reported on Wednesday. The move is intended to boost oil prices.
Dubai’s main index closed 0.2% higher despite a volatile session, thanks to gains in utilities.
State-run utilities Emirates Central Cooling Systems Corp and Dubai Investments both rose 1.3 percent.
Abu Dhabi’s benchmark index rose 0.01%, snapping a four-session losing streak. Shares in Sharjah-based Dana Gas and property developer Aldar Properties rose 2.2 percent and 2.1 percent, respectively.
Fujairah Construction Industries was among the gainers, up 5.9%, its biggest intraday gain since late November, after it declared a full-year cash dividend equal to 30% of the company’s share capital.
Daniel Takieddine, CEO of BDSwiss MENA, said higher oil prices and progress on the ADNOC Gas IPO helped increase investors’ willingness to take risks.
Markets in Abu Dhabi and Dubai ended the week on a negative note, with their respective indices down 1.2% and 1.1%.
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