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Tuesday, May 30, 2023

UAE stocks rise as oil rises on U.S. debt deal optimism – Markets

United Arab Emirates shares ended higher on Friday as oil prices rose after talks to raise the U.S. debt ceiling made progress.

U.S. President Joe Biden and Congressional Republican leader Kevin McCarthy are close to a deal that would raise the government’s $31.4 trillion debt ceiling for two years while capping spending on most programs, a U.S. official told Reuters. .

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 rose 0.6% after falling for a third straight session, boosted by a 1.6% gain in telecoms company e&, formerly known as Emirates Telecom Group.

Most Gulf markets lower as U.S. debt ceiling talks drag on

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, the largest lender in the United Arab Emirates, also rose 0.8 percent.

In Dubai, the main index rose 0.4%, snapping a three-day losing streak, with blue-chip developer Emaar Properties up 0.7% and Mashreqbank up 3.3%.

 ABU DHABI     rose 0.6% to 9,453 points
 DUBAI         gained 0.4% to 3,541 points

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