Stock markets in the United Arab Emirates ended lower on Friday, with the Dubai index posting its second weekly loss on economic growth concerns, while the Abu Dhabi index eased.
Dubai’s main share index dropped 0.6%, hit by a 2.3% fall in blue-chip developer Emaar Properties and a 0.4% decrease in Emirates NBD Bank.
The index recorded a weekly loss of 1.4%.
The Dubai stock market remained under pressure as global uncertainties altered traders’ expectations, Daniel Takieddine, CEO MENA at BDSwiss said.
“The main index could record more price corrections as a result and could extend losses after a period of sideways trading.”
In Abu Dhabi, the index eased 0.1%, with the country’s biggest lender First Abu Dhabi Bank losing 0.2%.
However, it posted a weekly gain of 0.6% with its most-valued company, International Holding Company (IHC), was up 0.6%.
The conglomerate plans to sell 20% of its technology unit in an initial public offering next year, its CEO told Reuters, adding that the UAE’s IHC is aiming for a first-quarter IPO of its subsidiary Pure Health to raise more than $1 billion.