Stock markets in the United Arab Emirates closed lower on Friday, with Dubai pulled down by weakness in utilities and financial shares after U.S. President Donald Trump renewed threats against Iran.
President Donald Trump said on Thursday that the U.S. has an “armada” heading towards Iran but hoped he would not have to use it, renewing warnings to Tehran against killing protesters or restarting its nuclear programme.
Dubai’s main market retreated 0.2%, snapping six sessions’ winning streak after hitting nearly 20-year high in the previous session.
State-run utility Dubai Electricity and Water Authority slid 1.3%, while Islamic lender Dubai Islamic Bank eased 0.2%.
However, business park operator Tecom Group gained 0.6% after the firm acquired an integrated university campus for 125 million dirhams ($34.03 million).
Abu Dhabi’s benchmark index settled 0.2% lower, ending six sessions’ momentum, dragged down by a 2.9% fall in Sharjah Islamic Bank and a 1.3% drop in Sharjah-based Dana Gas.
Oil prices - a key catalyst for the Gulf’s financial market - jumped on Friday with Brent crude up 1.6% at $65.08 a barrel by 1127 GMT.
Dubai’s index climbed 2.7% for the week, its best weekly performance since mid-July last year, while Abu Dhabi added 1.6% in the week, according to data compiled by LSEG.
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