2024-05-03 20:15:32
Stock markets rose The United Arab Emirates, Friday, coinciding with rising oil prices, amid expectations that the OPEC Plus alliance will continue to cut production..
Three sources from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or so-called alliance (OPEC Plus), said the group could extend the voluntary reduction in oil production by 2.2 million barrels per day beyond June if demand for oil does not rise..
Brent crude rose 0.3% to $83.94 a barrel by 1124 GMT..
The Abu Dhabi index closed 0.1 percent higher after losses for two consecutive sessions, supported by a 3.9 percent rise in Multiplay shares before the company announced its results later in the day..
Shares of First Abu Dhabi Bank and Aldar Properties rose 0.7 percent and 2.1 percent, respectively..
Gainers also included Abu Dhabi Aviation, which recorded the highest one-day gains in ten months, after the company completed the acquisition of shares in Etihad Airways Engineering, Global Aerospace Logistics (GAL) and the Advanced Military Center for Maintenance, Repair. and the Umrah (AMRC) of a subsidiary. To holdOne of the sovereign investment funds of the Emirates.
The Dubai Stock Exchange index rose 0.1 percent, supported by the rise in shares of the Dubai Electricity and Water Authority (DEWA) government by 1.3 percent and shares of Emaar Development by 2 .4 percent..
The index’s gains were limited by a decline in Emaar Properties shares of 1.3 percent and Emirates NBD Bank shares of 0.6 percent..
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