Abu Dhabi index leaps ahead of OPEC+ meeting
Stock markets in the United Arab Emirates closed higher on Friday, with the Abu Dhabi index leading gains ahead of an OPEC+ fulfilling 2 days later. OPEC+ is dealing with a complex deal to be agreed at its conference on Sunday that will enable the group to extend a few of its deep oil production cuts into 2025, 3 sources familiar with OPEC+ conversations said on Thursday. Abu Dhabi's benchmark index advanced 1.3%,. rebounding to a 2nd session after hitting a 28month low on. May 29, improved by a 1.9% surge in UAE's biggest listed firm. International Holding Business, and a 3.9% jump in. Emirates Telecommunication Group. Abu Dhabi index notched up 0.3% after two weeks of losses,. and logged 2.3% of regular monthly decrease, according to LSEG information. Nevertheless, Brent crude the key contributor to the. Gulf's economy was trading 0.04% lower at $81.83 a barrel by. 1156 GMT. Amongst the gainers, Abu Dhabi's flagship shipping company Abu. Dhabi Ports Business acquired 1.8% after the firm. signed an MoU with Madagascar's Economic Development Board to. check out the development of economic cities & & free zones, ports,. marina and cruise port facilities. Dubai's primary index settled 0.2% higher, lifted by. commercial and realty gains, rebounding for the second. session after touching an almost 6month low. Amongst the winners, toll gate operator Salik Business. increased 3.1% and organization park operator Tecom Group. rose 1.5%. Dubai index recorded 4.3% losses, its highest regular monthly. decrease given that Oct. in 2015, while it fell 0.9% on a weekly. basis, according to LSEG information. Stock markets in the UAE rebounded to a specific degree after. an extended period of price corrections, stated. Joseph Dahrieh, Managing Principal at Tickmill. According to Joseph, Both markets could remain exposed to. drawback risks while investors continue to keep track of geopolitical. risks, oil markets, and changing expectations regarding financial. policy in the US. ABU DHABI increased 1.3% to 8,863 points. DUBAI up 0.2% to 3,978 points.