Dubai Financial Market finds gain from oil futures

Shares in Dubai ended the week on a positive note on August 18 on gains in emerging markets and oil ­futures. Minutes of the Federal Reserve’s July meeting indicated a lack of consensus over the timing of raising interest rates. That hit the US dollar , much to the benefit of emerging-market shares. The FTSE […]

Shares in Dubai ended the week on a positive note on August 18 on gains in emerging markets and oil ­futures.

Minutes of the Federal Reserve’s July meeting indicated a lack of consensus over the timing of raising interest rates. That hit the US dollar , much to the benefit of emerging-market shares.

The FTSE Emerging Index was up around 0.6 per cent in the afternoon on August 18, erasing the losses of the past two days.

Oil prices rose following lower US petrol inventories. Brent crude futures broke the US$50 a barrel mark for the first time since early last month, trading back at about $49.87 a barrel in the afternoon.

The Dubai Financial Market General Index ended a choppy day up 0.4 per cent at 3,572.44, with Emaar Properties among blue-chip gainers.

The developer’s shares rose by 0.5 per cent at Dh7.30, recovering ground after two days of profit taking. Du and Dubai Investments were among the other main gainers.

Dubai Parks and Resorts and Aramex were the big-name sell offs of the day, closing down by 0.6 per cent and 2.8 per cent, respectively.

The Abu Dhabi Securities Exchange General Index ended 0.1 per cent lower at 4,518.45, dragged lower by Etisalat.

The telco’s shares dropped 1 per cent to Dh19.75, with Waha Capital and Aldar Properties also falling.

FGB was the pick of the big-name gainers, closing up 0.4 per cent, at Dh11.90.

Saudi shares snapped three days of declines, with the Tadawul index rising 0.1 per cent. The Qatar Exchange fell 0.7 per cent, as investors booked profits after four straight days of gains.

jeverington@thenational.ae

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Source: Business

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