UAE bourses inch up on oil price recovery

UAE shares ended slightly higher yesterday, tracking emerging market stocks and a bounce in crude oil prices.

MSCI's Emerging Market Index rose for the first time in three days yesterday, with investors viewing an interest rate rise by the US Federal Reserve this month as less likely.

Brent crude futures, meanwhile, posted their first gain in three days, rising by 84 cents a barrel to US$48.47.

The Dubai Financial Market General Index closed up by 0.4 per cent at 3,575.39, driven by gains in Emaar Properties as the Cityscape Global property exhibition got under way in Dubai.

The shares posted their first gains of the week, closing up 1.7 per cent at Dh6.40. Amlak Finance and Drake and Scull International were among the day's biggest gainers, closing up 2.9 per cent and 1.9 per cent, respectively.

In the capital, the Abu Dhabi Securities Exchange General Index rose by 0.6 per cent to 4,414.49. It was the quietest day of trading in nearly three weeks, with just 68 million shares changing hands.

Etisalat accounted for the index's gains of the day, the telco's shares rising by 3.7 per cent to Dh13.75, their highest close since early August.

RAK Ceramics and Eshraq Properties rose 2.9 per cent and 1.5 per cent, respectively.

jeverington@thenational.ae

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