UAE shares gain on Friday’s surge in oil prices

UAE shares rose on Sunday in response to Friday’s surge in oil prices, even as volumes on the country’s two bourses remained low.

Brent crude futures ended the week on a positive note, rising US$1.75 to close at $50.46, breaking a five-day losing streak.

The Dubai Financial Market General Index edged up 0.2 per cent to 3,707.82 on Sunday, with Emaar Properties, DIB and Dubai Investments all closing in positive territory.

GFH rose 0.9 per cent to 55.5 fils a piece, after the company announced the acquisition of a US industrial real estate portfolio, spread across six states, for $125 million.

Aramex gained 0.6 per cent to Dh3.25, after it announced that it was postponing a decision on whether to enter into a logistics related joint venture in Egypt with Orascom Telecom Media & Technology.

Aramex gave no reason for the postponement, and did not specify when it would make a final decision on the logistics zones, announced last month.

Abu Dhabi’s stock market meanwhile experienced its quietest day of the year to date, with less than 28 million shares changing hands.

The market’s headline index rose 0.5 per cent to 4,563.20, thanks to modest gains by heavyweight stocks FGB and Etisalat.

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