DUBAI: UAE equity indexes were mixed in a volatile market on Friday, as investors remained cautious amid the escalating conflict in the region and ahead of key US inflation data, while oil prices ticked higher.
Economists expect a report on Friday to show US core personal consumption expenditure, the Federal Reserve’s favoured inflation measure, declined to 3.7% in September from 3.9% a month earlier.
Abu Dhabi’s index eased 0.1%, dragged down by a 2.5% decline in the country’s largest lender, First Abu Dhabi Bank. The index posted a 0.8% weekly decline.
Among other stocks, Abu Dhabi Islamic Bank and developer Aldar Properties fell 1.4% and 0.4%, respectively.
Abu Dhabi’s stock market rebounded slightly today after a difficult week. However, the market remained below its lows for the year and could continue to be impacted by the geopolitical tensions in the region, added Negm.
In Dubai, the main share index, however, edged up 0.1%, led by a 2.8% rise in Emirates NBD Bank, Dubai’s biggest lender by assets. The index was up 0.9% on a weekly basis.
The lender on Thursday reported a 38% year-on-year jump in its third-quarter net profit.
Dubai market could remain exposed to the changing situation in the region, and the strength of the local economy could help maintain the market’s attractiveness and draw investors when tensions abate, said Ahmed Negm, Head of Market Research MENA at XS.com.
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