Stock markets in United Arab Emirates ended lower on Friday as oil prices fell after top crude importer China widened its COVID-19 curbs.
Oil, which fuels the region’s growth, declined to $96.46 a barrel by 1047 GMT, having climbed by 1.3% in the previous session.
Friday’s declines came after Chinese cities ramped up COVID-19 curbs on Thursday, sealing up buildings and locking down districts in a scramble to halt widening outbreaks.
In Abu Dhabi, the index dropped 0.1%, pressured by a 0.5% dip in the country’s largest lender First Abu Dhabi Bank, while Abu Dhabi Polymers Co Borouge was down 1.4% after reporting more than 23% decline in third-quarter net profit.
However, the index gained 5.5% this month, as it ended the week 1.7% higher according to Refinitiv data.
“The Abu Dhabi stock market slowed down after yesterday’s surge as traders moved to secure their gains. The market was also weighed by mixed local company earnings”, said Farah Mourad, Senior Market Analyst of XTB MENA.
Major Gulf markets mixed in early trade
Dubai benchmark index eased 0.5%, weighed down by its real estate stocks. The blue-chip developer Emaar Properties slumped 1.5%.
UAE’s top lender Emirates NBD also retreated 0.1% after it surged 1.1% on Thursday following strong quarterly earnings.
The index notched up a 0.3% monthly gain but ended the week 1.5% lower.
Major stock markets elsewhere in the Gulf region were closed.
=========================================== ABU DHABI fell 0.1% to 10,287 points DUBAI eased 0.5% to 3,349 points ===========================================
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