UAE markets rise on rebound in oil prices

Feb 10 (Reuters) – United Arab Emirates shares ended higher on Friday, tracking a sharp rebound in oil prices after Russia announced plans to cut oil production next month.

Russia will cut oil output by 500,000 barrels a day, or about 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday. Petroleum products.

Oil prices – the main catalyst for Gulf financial markets – rose more than 2%, recovering from losses in the previous session.

Brent crude futures were up $1.80, or 2.13%, at $86.30 a barrel by 1120 GMT.

main index in dubai (.DFMGI) Emirates Central Cooling System Corp up 0.2%, supported by strong performance in utilities and banks (Authorization.DU) rose 1.3 percent, while Islamic lender Dubai Islamic Bank (DISB.DU) It inched up 0.5 percent.

However, business park operator Tecom Group (TECOM.DU) The company reported a 28 percent rise in full-year net profit to 725.6 million dirhams ($197.56 million), missing analysts’ forecast of 839.5 million dirhams, and shares fell 3.4 percent.

Said Fadi Reyad, chief market analyst for MENA at CAPEX.com, said Dubai’s main index was up this week on improving overall conditions, but some price corrections are possible if investors act to secure profits.

The index rose 2.1% for the week, according to Refinitiv data.

Abu Dhabi’s Benchmark Index (.FTFADGI) It closed up 0.2 percent, rebounding from early losses to post its 10th straight session of gains.

Banking sector leads gains with Abu Dhabi Islamic Bank (ADIB.AD) rose 2.2 percent, while Abu Dhabi Commercial Bank, the UAE’s third-largest (ADCB.AD) rose 0.3%.

However, First Abu Dhabi Bank, the largest bank in the UAE (FAB.AD) Shares fell 0.3% after the company said it was not currently evaluating a takeover bid for Britain’s Standard Chartered Bank (Stan.L)which cancels the second time about Coming soon.

($1 = 3.6729 UAE Dirhams)

Reporting by Mohd Edrees in Bengaluru; Editing by Emelia Sithole-Matarise

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