By Mohd Edrees
Feb 24 (Reuters) - Stock markets in the United Arab
Emirates closed higher on Friday, tracking crude prices as the
prospects of lower exports from Russia heightened investors'
risk sentiment.
Oil price - a key contributor to Gulf's economies - extended
gains to a second session on Friday with Brent crude futures rising 61 cents, or 0.74%, to $82.82 per barrel by 1114
GMT. On Wednesday, Reuters exclusively reported that Russia plans
to cut oil exports from its western ports by up to 25% in March
versus this month, exceeding its announced production cuts in a
bid to lift prices for its oil, three sources in the Russian oil
market said.
Gains in utilities sector stocks helped Dubai's main index to close 0.2% higher amid volatile trading session.
State-run utility firm Emirates Central Cooling Systems Corp and Dubai Investments jumped 1.3% each.
Abu Dhabi benchmark index edged .01% higher,
snapping a four-session losing streak, helped by a 2.2% hike in
real estate developer Aldar Properties , shares of
Sharjah-based Dana Gas rose 2.1%.
Among the gainers, Fujairah Building Industries surged 5.9%, its highest intraday jump since late-November,
after the firm announced full-year cash dividend of 30% of
company's share capital.
According to Daniel Takieddine, CEO MENA at BDSwiss, rising
oil and Developments around the ADNOC Gas IPO aided in improving
risk appetite among investors.
Abu Dhabi and Dubai markets ended the week on a negative
note with indexes losing 1.2% and 1.1%, respectively.
ABU DHABI up 0.1% to 9,859
DUBAI rose 0.2% to 3,419
(Reporting by Mohd Edrees in Bengaluru; Editing by Sherry
Jacob-Phillips)
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