Stock markets in the UAE closed higher on Friday, with oil prices recovering, amid expectations of an improvement in long-term demand, outweighing fears that higher interest rates could dampen global economic growth.
The Organization of the Petroleum Exporting Countries, OPEC, and the International Energy Agency expect global oil demand to rise between 2 or 3 percent this year and next.
The main index in the Abu Dhabi Financial Market rose 1.9 percent, achieving the best daily performance since the beginning of March.
The largest bank in the UAE, First Abu Dhabi Bank, saw a 3.1 percent increase in its share price, while Emirates Telecommunications Group, now known as Etisalat & More (E&), rose 3.8 percent. The “Multi Play” investment group also experienced gains, with a 6.9 percent increase that marked its ninth consecutive day of growth. Meanwhile, the Dubai Financial Market’s main index was up 0.8 percent, driven by a 1.6 percent rise in Dubai Electricity and Water Authority (DEWA) and a 0.9 percent increase in Emaar Properties. Both the Abu Dhabi and Dubai indices achieved weekly gains, with the former up 4.1 percent and the latter up 3.8 percent.
