Stock markets in the United Arab Emirates fell on Friday tracking weaker oil prices as the United States pressed for a Russia-Ukraine peace deal that could boost global supply while stronger than expected U.S. jobs data fuelled uncertainty over interest rates.
Ukrainian President Volodymyr Zelenskiy said he would work with Washington on a plan to end the war.
Data showed the U.S. economy added far more jobs than expected in September, but a rise in the unemployment rate and downward revisions to prior months painted an ambiguous picture for the Federal Reserve as it considers whether or not to cut interest rates next month.
Brent crude was down 1.9% to $62.16 a barrel by 1115 GMT
Dubai’s benchmark index slid 1.3%, its sharpest intraday decline in nearly two months, with the broader market firmly in negative territory.
Emirates NBD Bank , Dubai’s largest lender, sank 4.7%, while road-toll operator Salik Company also weighed on the market with a 2% decline.
Abu Dhabi’s benchmark index dropped 0.9%, settling near its 5-month low as top lenders Abu Dhabi Commercial Bank And First Abu Dhabi Bank tumbled 2.4% and 2.3% respectively.
However, Abu Dhabi conglomerate International Holding Company edged 0.2% higher following a report that the firm had expressed interest in Russian oil group Lukoil’s foreign assets to the U.S. Treasury, the company said in response to a Reuters enquiry.
Separately, The United Arab Emirates said on Friday it will invest up to $50 billion in Canada under a framework that includes projects in artificial intelligence, energy, and mining sectors.
Dubai’s index posted weekly loss of 1.9%, its steepest decline in two-months, while Abu Dhabi’s benchmark fell 1.2% over the week, according to data compiled by LSEG.
ABU DHABI down 0.9% to 9,795
DUBAI dropped 1.3% to 5,836
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