2023-12-15 12:58:49
Dubai Financial Market
The UAE’s stock exchanges closed higher on Friday, supported by the rise in oil prices and following the US Federal Reserve indicated earlier in the week that it would likely reduce borrowing costs next year.
Oil prices, the main driver of the economies of the Gulf region, are heading to achieve their first weekly rise in two months following positive expectations from the International Energy Agency regarding oil demand next year, as Brent crude futures rose 23 cents to $76.84 per barrel by 1123 local time. Greenwich.
The Federal Reserve kept interest rates unchanged on Wednesday, and US Central Bank Chairman Jerome Powell said that the unprecedented tightening cycle of monetary policy will likely end as inflation declines faster than expected.
Monetary policy in the six Gulf Cooperation Council countries, including the UAE, is usually guided by the monetary policy decisions of the US Central Bank because most of the region’s currencies are pegged to the US dollar.
In Dubai, the main stock index advanced 0.5 percent, achieving an increase for the fourth session in a row, led by strong gains in financial sector stocks, as Emirates NBD Bank, the emirate’s largest bank, gained 1.5 percent and Dubai Investments stock increased 3.6 percent.
The index achieved a weekly gain of 1.25 percent following three weekly losses in a row.
The Abu Dhabi index rose 0.2 percent, supported by a rise in Abu Dhabi Commercial Bank shares by regarding two percent.
The bank said yesterday, Thursday, that it sold its 80 percent stake in Abu Dhabi Commercial Real Estate Company to Nine Yards Plus Holding Company in a deal worth 591 million dirhams ($160.94 million).
Shares of First Abu Dhabi Bank, the largest bank in the UAE, rose 0.9 percent.
The Abu Dhabi Index recorded a weekly increase of 1.03 percent following three consecutive weekly losses.
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