UAE Markets: Abu Dhabi Extends Losses, Mixed Performance Seen

Post by : Elena Malik

The stock markets in the United Arab Emirates closed in different directions on Friday. The Dubai index went up for the third day in a row, keeping its strong momentum and positive trend. However, the Abu Dhabi index kept going down, ending the week with a loss.

Oil prices, which are very important for the Gulf markets, went up nearly 1% on Friday. They are set for a weekly gain because people expect China, the world's biggest oil importer, to recover economically with help from a government stimulus. Also, it is predicted that U.S. oil inventories will decline. Brent crude oil was priced at $73.88 a barrel at 1135 GMT.

Dubai's index (.DFMGI) went up by 0.3%. This increase was mainly because Shuaa Capital's stock jumped 4.7%. This happened after the company's board agreed to issue a 425.5 million dirham ($115.86 million) mandatory convertible bond. Other stocks that moved up included Salik Company, which rose 2.7%, while Emaar Properties stayed the same.

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On the other hand, the Abu Dhabi index (.FTFADGI) went down by 0.5%. The drop was due to key stocks losing value, including the biggest bank in the country, First Abu Dhabi Bank, which fell 1.5%. Another stock that lost value was International Holding Company, which went down by 0.5%. The Abu Dhabi stock market has now lost for three days in a row, which wiped out most of its gains this week.

According to Ahmed Negm, Head of Market Research MENA at XS.com, "Uncertainty in the market has made investors feel less confident."

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