Stock exchanges in United Arab Emirates declined on Friday, tracking weaker oil prices as concerns about rising global supply from major producers dampened investor sentiment.
OPEC+ is leaning towards a modest output boost in December, sources familiar with the talks said ahead of the group’s meeting on Sunday.
The eight OPEC+ members have boosted output targets by a total of over 2.7 million barrels per day – or about 2.5% of global supply – in a series of monthly increases.
Brent crude was down 0.4% to $64.74 a barrel by 1051 GMT.
Abu Dhabi’s benchmark index slumped 1.1%, its steepest decline in over a month, pressured by a 3.8% drop in biggest developer Aldar Properties and a 3.2% fall in UAE’s third biggest lender Abu Dhabi Commercial Bank.
Americana Restaurants International , which operates U.S. fast food brands in the Middle East, plummeted 5% after reporting Q3 profit below the $54.6 million analysts’ estimate.
Dubai’s main market settled 0.8% down, snapping three-sessions gains, weighed down by a 2.7% decrease in blue-chip developer Emaar Properties , while state-run Dubai Electricity and Water Authority slid 2.5%.
Most Gulf bourses rise on higher oil prices; Fed’s meeting in focus
Separately, Dubai-owned ports and logistics company DP World has pledged to invest an additional $5 billion in India to strengthen its integrated supply chain network, the company said in a statement on Thursday.
Abu Dhabi stocks logged a 1% weekly loss, while Dubai’s benchmark index slipped 0.1% for the week after four consecutive weeks of gains, according to LSEG data.
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ABU DHABI lost 1.1% to 10,100
DUBAI down 0.8% to 6,059
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