UAE stocks rebounded from earlier losses to close with slight gains today, supported by stable oil prices and a temporary ceasefire between Israel and Hamas. Oil recorded its first weekly gains in five weeks, buoyed by some expectations that producers in the Saudi-led OPEC+ alliance would cut supplies to balance the market in 2024. Brent crude futures rose by 0.4 percent to $81.79 per barrel by 11:49 AM GMT.
In Dubai, the main stock index increased by 0.2 percent, driven by an 0.8 percent rise in Emirates NBD shares and a nearly one percent increase in Salik's shares. However, the index recorded a weekly loss of 0.1 percent after four consecutive weeks of gains.
The Abu Dhabi index also rose by 0.2 percent, led by a 0.9 percent increase in First Abu Dhabi Bank shares and a more than seven percent jump in Burjeel Holding shares. The index suffered a weekly loss of 0.2 percent after three consecutive weeks of gains.
OPEC+ surprised markets on Wednesday by announcing the postponement of a ministerial meeting for four days to convene on November 30, after producers struggled to reach a consensus on production levels.
