UAE shares rounded off their best week since early February, as oil prices firmed up on predictions of shrinking oversupply in the second half of the year.
Brent crude futures held above the US$44 mark, after the International Energy Agency said that oil surpluses would diminish during the second half of the year.
The Dubai Financial Market General Index gained 1.3 per cent at 3,546.96, as the index heavyweight Emaar Properties recorded its largest one-day gain in more than two months.
The developer’s shares surged by 5.8 per cent close to a six-month high at Dh6.75.
Dubai Parks and Resorts and Dubai Financial Market were the other main gainers, adding 5.1 and 3.2 per cent respectively.
Gulf Navigation, the best performing stock in Dubai this year, rallied 4.1 per cent to Dh1 after the company said Khamis Buamim, the former Drydocks World chairman, would be its group chief executive.
Banks were the main gainers on Abu Dhabi’s headline index, which ended up by 1.7 per cent at 4,534.88. NBAD and ADIB, among the big-name gainers, posted gains of 5.5 and 4.1 per cent. FGB rose by 2 per cent to Dh12.75, while Etisalat ended up by 2.18 per cent at Dh18.75.
jeverington@thenational.ae
