DUBAI: Stock markets in the United Arab Emirates fell on Friday despite China’s big stimulus steps as weak oil prices and ongoing regional geopolitical tensions continued to weigh on investor sentiment.
Oil prices, which fuel the region’s growth, headed for significant weekly losses on a report that Saudi Arabia was preparing to abandon its unofficial price target of $100 a barrel for crude as it gets ready to increase output.
Brent futures edged up 0.2% to $71.74 a barrel at 1121 GMT but are down 3.7% for the week.
Abu Dhabi’s index fell 0.5%, with its largest lender, First Abu Dhabi Bank losing over 1.1% and Telecoms firm e&, shedding nearly 1%.
The main share index (.DFMGI) retreated 0.1% after three consecutive sessions of gains. Dubai’s largest lender, Emirates NBD Bank, lost nearly 0.7% while tollgate operator Salik Co was down nearly 1%.
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