By Mohd Edrees
Feb 10 (Reuters) - Stock markets in the United Arab
Emirates closed higher on Friday, tracking a sharp rebound in
oil prices after Russia announced plans to reduce its oil
production next month.
Russia will cut oil production by 500,000 barrels per day,
or around 5% of output, in March, Deputy Prime Minister
Alexander Novak said on Friday, after the West imposed price
caps on Russian oil and oil products.
Oil prices - a key catalyst for Gulf financial markets -
jumped more than 2%, recovering from the previous session's
loss.
Brent crude futures rose $1.80, or 2.13%, to $86.30
a barrel by 1120? GMT.
Dubai's main index gained 0.2%, supported by a
strong performance in utilities and banking stocks, with
Emirates Central Cooling System Corp rising 1.3%,
while sharia lender Dubai Islamic Bank edged up 0.5%.
However, business park operator Tecom Group declined 3.4% after the firm posted a 28% increase in full year
net profit to 725.6 million dirhams ($197.56 million), missing
analysts' estimate of 839.5 million dirhams.
Dubai's main index gained this week thanks to improving
overall conditions but could see some price corrections if
investors move to secure profits, Said Fadi Reyad, chief market
analyst at CAPEX.com MENA said.
The index posted a 2.1% weekly gain, according to Refinitiv
data.
Abu Dhabi's benchmark index settled 0.2% higher,
rebounding from early losses to extend gains to straight 10th
session.
The banking sector led the gains with Abu Dhabi Islamic Bank rising 2.2%, while UAE's third-largest lender Abu
Dhabi Commercial Bank advanced 0.3%.
However, UAE's largest lender First Abu Dhabi Bank dipped 0.3% after it said it was not currently evaluating an
offer for Britain's Standard Chartered , the second time
it has quashed reports of an imminent bid.
ABU DHABI up 0.2% to 9,951
DUBAI rose 0.2% to 3,454
($1 = 3.6729 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Emelia
Sithole-Matarise)
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