Markets in the United Arab Emirates ended mixed on Friday, as concerns over inflation and slowing economic growth dampened investor sentiment across the globe.
MSCI’s world equity index fell 0.22% to its lowest since May 26, and was headed for a 2% fall for the week.
In Abu Dhabi, the index ended 0.2% lower, extending losses to a straight eighth session. It fell 2.1% for the week.
The country’s largest lender First Abu Dhabi Bank eased 0.1%, while Multiply Group slipped 0.5%.
However, National Marine Dredging surged 6% after it announced the formation of a new company with Abu Dhabi Ports for offshore and onshore surveys and diving services.
Most Gulf markets end mixed, Qatar rises
Dubai’s main stock index edged up 0.1%, supported by a 2.4% rise in state utility Dubai Electricity and Water Authority and a 4.6% jump in Mashreqbank.
Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering, the company said in a statement on Thursday..
The TECOM IPO could help attract investors and support the Dubai market, said Farah Mourad, Senior Market Analyst of XTB MENA.
Dubai business park operator TECOM plans July listing
ABU DHABI down 0.2% to 9,578 points
DUBAI edged up 0.1% to 3,377 points
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