Dubai shares rise on hope that oil rise will sustain

Shares in Dubai rose to their highest level in more than four months yesterday, on suggestions that oil prices have bottomed out.

The International Energy Agency said on Friday that it believed non-Opec output would fall by 750,000 barrels per day this year, compared with its previous estimate of 600,000 bpd, easing pressure on prices.

Iran, meanwhile, announced yesterday that it would join discussions with other producers regarding a possible freeze of production, according to Isna, the country’s official news agency.

The Dubai Financial Market General Index rose by 1.3 per cent at 3,401.03, its first close above 3,400 since early November. Dubai Parks and Resorts enjoyed its best day since listing in December 2014, soaring by 14.2 per cent to an all-time high of Dh1.44. The company declined to comment on the reason for the rise.

Emirates NBD and Emaar Properties were among the other big-name gainers, rising 4.5 and 2.7 per cent respectively.

A fresh fall in Etisalat dragged down Abu Dhabi’s headline index, which was off 0.8 per cent at 4,462. The telco’s shares fell 2.2 per cent to Dh17.70, after its outlook for 2016 fell short of some analysts’ expectation.

Follow The National’s Business section on Twitter


Share This Post