DUBAI: Stock markets in the United Arab Emirates slipped on Friday, but ended the week higher with a rebound in oil prices providing some support even as trades thinned heading into the new year.
Oil prices — a key catalyst for Gulf equities — were little changed on the day. Investors weighed potential supply risks tied to rising geopolitical tensions after the United States carried out airstrikes against Islamic State militants in Nigeria and stepped up economic pressure on Venezuelan oil.
In Abu Dhabi, the index ended flat on the day as losses in consumer discretionary and energy stocks offset gains across other sectors. Still, the market rose 0.7 percent for the week, snapping a weekly losing streak.
Conglomerate Alpha Dhabi Holding fell 0.5 percent and Abu Dhabi Commercial Bank slid 1.5 percent, while Presight AI Holding gained 1.2 percent. First Abu Dhabi Bank, the UAE’s largest lender, added 0.5 percent.
“Market saw limited movement today. While the rebound in oil prices this week provided temporary support, the bearish 2026 surplus narrative remains a lingering risk that could weigh on investor sentiment in the coming months”, said Joseph Dahrieh, managing principal at Tickmill.
Comments
Comments are closed for this article.