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UAE stocks rise on US debt deal optimism

Agencies . Dubai
29 May 2023 00:00:00 | Update: 29 May 2023 00:17:47
UAE stocks rise on US debt deal optimism

Stock markets in the United Arab Emirates closed higher on Friday as oil prices rose following progress in talks over increasing the US debt limit.

US President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a US official told Reuters.

Meanwhile, oil prices, a major driver for Gulf economies, rose on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, with Brent crude up 54 cents at $76.80 a barrel at 1159 GMT, reported Reuters.

Stock markets in the UAE were stable as traders adjust their expectations following optimism over global economic conditions amid progress in US debt ceiling deal, said Ahmed Negm, Head of Market Research MENA at XS.com.

In Abu Dhabi, the benchmark index (.FTFADGI) added 0.6%, after a third consecutive session of decline, bolstered by a 1.6% jump in Telecoms firm e& (EAND.AD), formerly known as Emirates Telecommunications Group.