MIDEAST STOCKS-UAE stocks track global shares higher

By Reuters News

By Mohd Edrees

Oct 16 (Reuters) - Stock market in the United Arab Emirates closed higher on Friday, in line with global equities, with Dubai outperforming its regional peer as investors assessed geopolitical developments and focused on diplomatic solutions.

European stocks — which had been hit less hard by Thursday's selloff — were mostly higher on Friday. The pan-European index STOXX 600 .STOXX gained 0.6%, while Germany's DAX .GDAXI rose around 1%. MKTS/GLOB.

Dubai's main index .DFMGI recovered from losses in the previous session, rising 0.6%, supported by gains in utility and financial stocks.

Emirates NBD Bank ENBD.DU, Dubai's largest lender, advanced 2%, while Dubai Electricity and Water Authority DEWAA.DU climbed 1.9%.

Separately, Dubai Chambers signed memoranda of understanding with four Chinese chambers of commerce to strengthen cooperation, support the business community, and deepen ties between companies in Dubai and their counterparts in Beijing, Shenzhen, Guangzhou and Chongqing.

Abu Dhabi's benchmark index .FTFADGI edged 0.04% up, helped by a 2.9% rise in Americana Restaurant International AMR.AD and 1.8% hike in hospitality firm Abu Dhabi National Hotels ADNH.AD.

Among the gainers, Fujairah Cement Industries FCI.AD rose 1.1% after its board approved a tripartite partnership project to establish and operate a dry mortar and chemicals plant.

Dubai's index posted a weekly gain of 0.8% after two consecutive weeks of losses, while Abu Dhabi's index also ended a three-week losing streak, recording a marginal weekly increase of 0.13%.

Oil prices — a key catalyst for Gulf's financial market — rose on Friday on uncertainty over Middle East supplies and a larger-than-expected draw from US crude stockpiles.

Brent crude was up 0.5% at $106.44 a barrel by 1150 GMT. O/R7

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