Oil

Abu Dhabi bourse tracks oil prices higher; Dubai flat

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Sept 9 (Reuters) – Abu Dhabi’s stock market ended higher on Friday amid rising oil prices, although the Dubai index snapped two sessions of losses to finish flat.

Crude prices, a key catalyst for the Gulf’s financial markets, were up $1.7 by 1056 GMT, as a result of supply threats and cut in OPEC+ oil output announced this week.

In Abu Dhabi, equities (.FTFADGI) edged 0.1% higher, supported by a 2.3% rise in investment firm Multiply Group (MULTIPLY.AD), while Telecoms firm e& (ETISALAT.AD), formerly known as Emirates Telecommunications, gained 0.9%.

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The three back-to-back sessions of gains supported the index to finish the week in green after languishing in the red for three consecutive weeks.

Abu Dhabi stock market continued to rise following the performance in oil markets. The market could extend its gains if energy markets remain stable, said Farah Mourad, Senior Market Analyst of XTB MENA.

Dubai’s main share index (.DFMGI) closed flat.

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Reporting by Mohd Edrees in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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