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May 26 (Reuters) – United Arab Emirates shares ended higher on Friday as oil prices rose after talks to raise the U.S. debt ceiling made progress.
President Joe Biden and Congressional Republican leader Kevin McCarthy are close to a deal that could raise $31.4 trillion for the government debt ceiling A U.S. official told Reuters to limit spending on most programs for two years.
Meanwhile, oil prices, a key driver of Gulf economies, rose on Friday as the market weighed conflicting messages from Russia and Saudi Arabia on supply ahead of the next OPEC+ policy meeting, with Brent crude on the GMT It was up 54 cents at $76.80 a barrel by 1159 hours.
Ahmed Negm, head of markets research for the Middle East and North Africa at XS.com, said UAE stocks were steady as traders adjusted their expectations after optimism about the state of the global economy as the U.S. debt ceiling deal progressed.
In Abu Dhabi, the benchmark index (.FTFADGI) It rose 0.6% after falling for a third straight session, boosted by a 1.6% rise in telecoms firm E&P (EAND.AD)formerly known as Etisalat Telecom Group.
E& said in a filing to the exchange that it has completed the formation of a joint venture with Bespin Global to provide public cloud hosting and professional services in the Middle East, Turkey, Africa and Pakistan. The company also invested $60 million in Bespin Global in exchange for about a 10 percent stake.
First Abu Dhabi Bank (FAB.AD)The United Arab Emirates’ largest lender also gained 0.8 percent.
In Dubai, the main stock index (.DFMGI) Up 0.4%, snapping three straight days of losses, blue-chip developer Emaar Properties (EMAR. YOU) up 0.7% and Mashreqbank (MASB.DU) climbed 3.3%.
Reporting by Shamsuddin Mohd in Bengaluru Edited by Vinay Dwivedi
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