DUBAI: The stock exchanges in the United Arab Emirates displayed varied trends on Friday, with Dubai’s market making a comeback, supported by steady oil prices and recent US economic data that kept investors attentive to the Federal Reserve’s monetary policy trajectory.

Oil prices, which significantly influence the financial markets of the Gulf region, saw a slight increase as market participants evaluated rising supply concerns. As of 1200 GMT, Brent crude oil rose by 0.27 percent, reaching USD 59.98 a barrel.

Dubai’s main index saw a gain of 0.6 percent, recovering from losses incurred in the previous trading session and marking its fourth consecutive week of positive performance. Salik Company saw an increase of 3.2 percent, while the Dubai Electricity and Water Authority rose by 2.9 percent after announcing the approval of a contract worth AED 216 million focused on enhancing the performance and dependability of Dubai’s water transmission systems.

George Pavel, the general manager at Naga.com Middle East, noted that the market’s potential for further expansion remains strong, bolstered by the robust fundamentals of the local economy. However, he also mentioned that liquidity may decrease as the year comes to a close and that the market remains below its previous peaks.

In economic updates from the United States, inflation was reported to have increased less than anticipated for the year ending November, although analysts warned that these figures might have been skewed lower due to the government shutdown. Additionally, weekly jobless claims decreased, reversing the previous week’s significant rise and indicating a stable labor market.