UAE: Stocks Soar As OPEC+ Extend Oil Cuts Deal

Published June 7th, 2020 - 10:00 GMT
UAE: Stocks Soar As OPEC+ Extend Oil Cuts Deal
In Abu Dhabi, the index was driven higher by Julphar, Eshraq, Abu Dhabi Islamic Bank, Aldar Properties, Dana Gas, RAK Properties, and Sharjah Islamic Bank. (Shutterstock)
Highlights
Opec+ agreed to extend record oil production cuts by one month until the end of July.

The UAE shares jumped at the opening of the market on Sunday, led by property and banking stocks.

Dubai Financial Market and Abu Dhabi Securities Exchange gained 1.5 percent and one per cent, respectively, within 15 minutes of opening the trade.

The reopening of the economy's different sectors after the lockdown, improvement in recoveries of coronavirus cases and Opec+ agreement to extend production cut till July helped the local equity markets to start the week on a positive note.

The Dubai bourse was led higher by Dar Takaful, Dubai Islamic Bank, Aman, Emaar Properties and Air Arabia. Dar Takaful rose nearly 10 per cent while Dubai Islamic Bank gained over four per cent. Emaar and Air Arabia increased over 2.5 per cent in the morning trade.

In Abu Dhabi, the index was driven higher by Julphar, Eshraq, Abu Dhabi Islamic Bank, Aldar Properties, Dana Gas, RAK Properties, and Sharjah Islamic Bank.

On Saturday, Opec+ agreed to extend record oil production cuts by one month until the end of July. Brent crude futures settled up $2.31, or 5.8 percent, at $42.30 a barrel, surging 19.2 percent on the week. US West Texas Intermediate (WTI) crude futures rose $2.14, or 5.7 percent, to $39.55 a barrel, rising 10.7 percent on the week.


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