UAE shares record second consecutive weekly gain as oil strengthens

Oil prices rose to around US$35, as Venezuela’s oil minister claimed that six Opec members and two non-Opec producers are open to an emergency meeting.

UAE shares rose for the second consecutive week as oil strengthened on the possibility of an emergency Opec meeting.

Oil prices rose to about US$35.04 on Wednesday, as Venezuela’s oil minister claimed that six Opec members and two non-Opec producers are open to an emergency meeting on production levels, if one is called for.

Brent futures opened nearly 2 per cent higher before erasing gains to trade at around the $35.10 mark in late afternoon.

Dubai’s headline index jumped by 2.7 per cent to 3,058.42, its first close above the 3,000 mark in more than four weeks, with just one stock closing lower.

The index has gained more than 16 per cent over the past two weeks but is down by 3 per cent for the year to date.

Emaar Properties led gains, ending up 6 per cent at Dh5.40. Damac Properties and Dubai Islamic Bank rose 4.2 and 1.7 per cent respectively.

The Abu Dhabi Securities Exchange General Index closed 5.8 per cent higher for the week at 4,140.77, its highest one-week gain since May 2014.

Aldar Properties was among the strongest gainers of the day, rising by 4.8 per cent to Dh2.40, while ADCB and NBAD rose by 4 and 3.9 per cent respectively.

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