UAE stocks ended the week on a positive note on Thursday, as oil prices hit their highest level since the start of the month.
Brent crude futures rose as high as US$40.29 early on Thursday after the US Department of Energy reported a 4.9 million barrel reduction in US inventories for the past week, the first such reduction since early February.
Brent eased later in the day and was trading at US$39.90 a barrel by late afternoon.
The reaction on global bourses was mixed: Japan’s Nikkei closed up 0.2 per cent, while the Euro Stoxx 50 was trading 0.5 per cent lower in the afternoon session.
Shares in Dubai ended the day up 1 per cent at 3,386.14 as investors rebuilt positions in big names such as Emaar Properties, DIB and Dubai Investments.
Drake & Scull International led gainers in Dubai, rising by 11.1 per cent to 61 fils. The construction company’s shares ended up 24.4 per cent compared to last Thursday, their best weekly performance since December 2014.
The Abu Dhabi Securities Market General Index closed up 1.2 per cent at 4,351.70 thanks to rebounding banking stocks.
NBAD and ADCB ended the day up 2.8 per cent and 2.5 per cent respectively, while index heavyweight FGB closed up 1.3 per cent.
For the week, the Dubai index gained 0.9 per cent while the Abu Dhabi index lost 0.8 per cent.
Doha’s Qatar Exchange led gains across regional bourses on Thursday, ending the day up 1.3 per cent.
Follow The National's Business section on Twitter