2023-11-24 12:46:00
© Archyde.com. Traders at the Bahrain Stock Exchange in Manama in a photo from Archyde.com archives.
From Shams al-Din Muhammad
(Archyde.com) – Stocks in the UAE recovered from losses incurred earlier to close slightly higher on Friday, supported by stability and a temporary ceasefire between Hamas and Hamas.
Oil recorded its first weekly gain in five weeks, supported by some expectations that producers in the OPEC+ led alliance will reduce supplies to balance the market in 2024. Brent crude futures increased 0.4 percent to 81.79 per barrel by 1149 GMT.
The OPEC+ alliance surprised the markets on Wednesday by announcing the postponement of a ministerial meeting for four days to be held on November 30, following producers faced difficulty in reaching a consensus on production levels.
Meanwhile, a temporary ceasefire between Israel and Hamas in the Gaza Strip took effect on Friday, the first truce during the 48-day war, but both sides warned that the war is not over yet.
In Dubai, the main stock index rose 0.2 percent once morest the backdrop of an increase in the shares of Emirates NBD Bank (DFM:) 0.8 percent and an increase in the shares of the SALIC toll road company by approximately one percent.
The index recorded a weekly loss of 0.1 percent following gains that continued for four consecutive weeks.
It also rose 0.2 percent, led by First Abu Dhabi Bank shares, which rose 0.9 percent, and Burjeel Holding Company shares, which jumped by more than seven percent.
The index suffered a weekly loss of 0.2 percent following gains for three consecutive weeks.
(Prepared by Rehab Alaa for the Arabic Bulletin)
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