Shares in Dubai rose on Sunday following Friday’s gains by global equities and a further recovery in oil prices, while Abu Dhabi shares fell.
Global markets continued to take predictions of a US interest rate rise next month in their stride. The Standard & Poor’s 500 had its best week of the year so far, closing up 3.3 per cent.
Oil prices continued to rise last week, after the Saudi oil minister Ali Al Naimi said the kingdom was working with Opec producers and others to stabilise the market. Brent crude futures had their first weekly increase since late October, closing at US$44.66 per barrel.
The Dubai Financial Market General Index ended the day up 0.3 per cent at 3,285.71, while Abu Dhabi’s headline index closed 0.2 per cent lower at 4,250.82.
Damac Properties and Emirates NBD were among the lead gainers in Dubai, closing up 5.1 and 3.5 per cent respectively.
In the capital, gains by National Bank of Abu Dhabi and FGB were offset by Union National Bank and Etisalat, which closed down 9.9 and 1.2 per cent respectively.
Dana Gas rose 4.8 per cent to 43 fils after it said the High Court of England had ordered Iraq’s Kurdish Regional Government to pay $100 million in outstanding arrears within two weeks to Dana Gas and its partners, Crescent Petroleum and Pearl Petroleum, for the development of hydrocarbon assets, building on a London-based arbitration ruling last December.
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