Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

UAE markets end lower on decline in financial, industrial stocks

Published 08/12/2023, 11:33 pm
Updated 08/12/2023, 11:37 pm
© Reuters. An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo
EMAR
-
ENBD
-

By Mohd Edrees

(Reuters) - Stock exchanges in the United Arab Emirates closed in red on Friday, with industrial and financial stocks taking the biggest hit as investors were cautious ahead of the U.S. Federal Reserve's meeting next week.

Abu Dhabi's main index dropped 0.7%, extending losses to the third session, weighed down by a 4.4% fall in conglomerate IHC-controlled investment firm Multiply Group, while UAE's largest lender First Abu Dhabi Bank shed 1.2%.

Among the losers, newly listed cryptocurrency mining hardware retailer Phoenix Group plunged 10% in its third session of trade.

Oil prices, a key contributor to the Gulf's economy, recovered slightly after Saudi Arabia and Russia called for more OPEC+ members to join output cuts, but still set for a 4% fall this week.

Brent crude was up 1.7% or $1.29 to $75.34 a barrel by 1123 GMT. [O/R]

The Abu Dhabi stock market could continue to see downside risks, while oil prices slide, said Ahmed Negm, head of market research MENA at XS.com.

Dubai's benchmark index continued its decline to the straight seventh session with a loss of 0.1%, pressured by a decline in banking and industrial sector stocks.

Blue-chip developer Emaar properties and top lender Emirates NBD Bank lost 0.9% each.

Abu Dhabi and Dubai indexes posted a weekly loss of 1.5% and 0.9%, respectively, according to LSEG data.

Other Gulf markets were closed on Friday.

© Reuters. An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo

ABU DHABI down 0.7% to 9,401 points

DUBAI fell 0.1% to 3,952 points

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.