As U.S. officials and banks rescued First Republic Bank, UAE stocks rose on Friday.
Leading U.S. banks invested $30 billion to preserve First Republic Bank, which was caught up in a spreading crisis caused by the failure of two mid-size U.S. institutions last week.
Brent rose $1.04, or 1.39%, to $75.74 a barrel at 1008 GMT on expectations of robust demand growth in top importer China.
International Holding Company (IHC.AD), the UAE’s most valuable listed corporation, rose 3.8%, while IHC-owned investment firm Multiply Group (MULTIPLY.AD) rose 6.4%.
First, Abu Dhabi Bank (FAB.AD) and Abu Dhabi National Energy Corporation (TAQA.AD) were winners.
Eshraq Investment climbed 3.7% after selling 58 Burj Daman apartments for 162 million dirhams ($44.11 million).
Fadi Reyad said the Abu Dhabi stock market rose on banking crisis fears, but low oil prices might keep it down.
The heavyweight real estate and banking sectors increased Dubai’s main market index (.DFMGI) by 1.3%, with most firms trading in positive territory.
Toll operator Salik Company gained 2.9%, while Dubai Electricity And Water Authority (DEWAA.DU) gained 2.1%.
After declaring a full-year cash dividend of 25 fils and 52 fils per share, Emaar Properties (EMAR.DU) and Emaar Development (EMAARDEV.DU) rose 1.9% and 3.8%, respectively.
Fadi Reyad, Chief Market Analyst at CAPEX.com MENA, said the global mood improved, and the Dubai stock market rebounded, mostly in the banking sector.
Dubai lost 1.1% and Abu Dhabi 1.8%.
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