Stock markets in the United Arab Emirates ended lower on Friday, tracking their global peers, as tensions in the Middle East and worries over a U.S. economic slowdown weighed on investor sentiment.
Oil prices were set for a fourth weekly decline as signs of disappointing demand for global fuel outweighed fears of supply disruptions in the key Middle East production region, with Brent falling 0.4% to $79.23 a barrel by 1201 GMT.
The UAE stock markets experienced significant losses today as investors take a more cautious stance amid heightened geopolitical tensions in the region, a risk-off sentiment in major global stock markets and volatile oil prices, said Joseph Dahrieh, managing principal at Tickmill.
Dubai’s main share index fell 1% on a selloff across the board, including in real estate and financial sectors.
Blue-chip developer Emaar Properties dropped 2.4% while Emirates NBD Bank was down 2.4%.
Gulf stocks mixed on Middle East tensions, US rate-cut outlook
Dubai Taxi also fell 3.6% as stock was trading ex-dividend.
Abu Dhabi’s index was down 0.8%, led by 1.5% decline in the country’s largest lender First Abu Dhabi Bank.
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