Wednesday, July 17, 2024

Hopes of passing a “debt ceiling” deal boost UAE stocks


UAE shares

Most UAE stocks rose on Friday on the back of reaching an agreement on the US debt ceiling, which averted a catastrophic default and helped improve sentiment across most asset classes.

Farah Murad, senior market analyst at XTB’s Middle East and North Africa division, said UAE stock markets saw an uptick in performance as dealers responded favorably to the US debt ceiling deal, which had raised concerns in global markets for some time.

Furthermore, the Arab Monetary Fund expects the UAE’s economic growth to continue in the current and next years, reaching an average economic growth rate of 4.6 percent over the period 2022 to 2024. High confidence in oil prices and business.

In a recent report titled “Prospects for the Arab Economy”, the UAE economy is expected to grow by 4.2 percent in the current year 2023, while the consumer price index is expected to decline by 2.9 percent and 2.57 percent in 2023. In 2024.

Market performance

Dubai’s benchmark index rose 0.6 percent, posting a sixth straight day of gains, supported by strong gains in the financials sector, giving the index a 2.2 percent weekly gain.

Shares of Mashreq Bank rose more than nine percent, the biggest daily gain in nearly four months. Emirates NBD, Dubai’s biggest bank, rose 1.1 percent.

The Abu Dhabi stock market index rose 0.4 percent, after falling for two straight sessions, supported by a rise in First Abu Dhabi Bank, up 1.6 percent, after the bank announced two new appointments to its senior management team.

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The Abu Dhabi Stock Exchange Index posted a weekly decline of 0.49 percent.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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