UAE stocks gain on strong oil prices, corporate earnings

An investor walks by the Dubai Monetary Market after Joe Biden received the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

July 29 (Reuters) – United Arab Emirates’ inventory markets closed increased on Friday as oil costs gained, with buyers anticipating subsequent week’s OPEC+ assembly to not end in a provide increase.

Oil costs, a key catalyst for the Gulf’s monetary markets, rose greater than $2 a barrel on Friday, extending good points from the earlier session on decrease crude inventories and a rebound in gasoline demand in the USA.

UAE’s fundamental share index (.DFMGI) superior 1.1% as its greatest lender, Emirates NBD (ENBD.DU), climbed 4.2% a day after posting a 42% leap in second-quarter web revenue. learn extra

The index logged a weekly acquire of two.5%, in accordance with refinitiv information.

Amongst different shares, blue-chip developer Emaar properties gained 1.5% after a report acknowledged that Dubai’s residential actual property transaction volumes had been up 60% with an 85% rise within the worth of property offered. learn extra

The Dubai inventory market prolonged its good points, due to robust earnings and enhancing sentiment amongst buyers, stated Farah Mourad, senior market analyst at XTB MENA.

Abu Dhabi index (.FTFADGI) rose 1.1%, with conglomerate Worldwide Holding Firm (IHC.AD) rising 1.3%, whereas telecoms agency e& (ETISALAT.AD) added 2.9% forward of its outcomes on Aug. 1.

Amongst different shares, petrochemical maker Borouge (BOROUGE.AD) surged round 3% after it reported a 35% progress in its second-quarter web revenue to $490 million as general manufacturing capability improved.

Individually, a lot of the Gulf central banks lifted their key rates of interest by three quarters of a proportion level on Wednesday, transferring with the U.S. Federal Reserve as their currencies are pegged to the greenback. learn extra

Reporting by Mohd Edrees in Bengaluru;
Enhancing by Vinay Dwivedi

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