UAE shares fall as geopolitical uncertainty keeps traders cautious

DUBAI: Stock markets in the United Arab Emirates declined on Friday as geopolitical uncertainty in the region weighed on investor sentiment and kept traders cautious.

Abu Dhabi’s benchmark index dropped 1.3 percent to hit an 18-month low, weighed down by a 1.7 percent fall in real estate giant Aldar Properties.

Dubai’s main index eased 0.3 percent, breaking a four-session winning streak, pressured by losses in financial and industrial sector stocks.

Top lender Emirates NBD fell 1.3 percent, while toll operator Salik Company slipped 1.1 percent.

However, Emaar Development gained 1.2 percent after its parent, Emaar Properties, said it intends to make a voluntary cash offer for up to 100 percent of its shares.

Emaar Properties’ shares closed 0.2 percent lower.

Abu Dhabi’s index fell 0.8 percent for the week, while Dubai’s index rose 4.4 percent, its biggest weekly gain in more than six months, according to LSEG data.