UAE stock markets were little changed on Tuesday as oil prices staged a mild recovery.
The international benchmark Brent rose 0.5 per cent to US$38.5 a barrel in afternoon London trading, while West Texas Intermediate (WTI) rose 0.3 per cent to $36.6 a barrel. Brent fell on Friday to 2004 lows after the International Energy Agency warned that oversupply of crude oil may worsen next year, putting further pressure on prices.
“It is a volatile and mixed market because I think investors are uncertain of the outlook for the oil and its impact on the overall economies of the GCC,” said Tariq Qaqish, the head of asset management at Al Mal Capital. “Any impact on Saudi Arabia in terms of their economy will impact the trading business in the UAE, although [the UAE] has a diversified economy.”
The Dubai Financial Market General Index ended up 0.1 per cent to 2,919.64, led by construction and property stocks. Emaar Properties rose 2 per cent to Dh5.3, while the builder Arabtec inched up 0.8 per cent higher to Dh0.982.
The Abu Dhabi Securities Exchange General Index dipped 0.2 per cent to close at 4,014.92. Abu Dhabi Commercial Bank fell 3.5 per cent to Dh5.5, while Bank of Sharjah fell 2 per cent to Dh1.43.
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