Stock markets in the United Arab Emirates declined on Friday, in line with oil prices, as the prospect of higher U.S. tariffs revived concerns about an escalating global trade war, dampening market sentiment.
U.S. President Donald Trump said on Thursday that 25% duties on imports from Canada and Mexico would come into effect on March 4 - not April 2 as he had suggested a day earlier – and said goods from China would be subject to an additional 10% duty.
Oil prices, a key catalyst for the Gulf’s financial market - slipped more than 1% to $73.16 a barrel as of 1103 GMT.
Dubai’s main market fell 0.8%, breaking a three-session winning streak, pressured by a 2.5% fall in blue-chip developer Emaar Properties and a 1.9% decrease in state-run utility firm Dubai Electricity and Water.
However, Mashreqbank, UAE’s oldest privately-owned lender, rose 0.8% after its shareholders approved a full-year cash dividend of AED 21.1 per share.
Major Gulf markets mixed on lacklustre earnings
The Dubai index has slipped back since hitting a nearly 11-year high earlier in the month but still notched up a 2.7% gain for February, its ninth consecutive monthly rise.
Abu Dhabi’s benchmark index shed 0.5%, extending losses to a second session, with top lenders First Abu Dhabi Bank and Abu Dhabi Commercial Bank falling 2.7% and 1.2% respectively.
State-controlled port operator, AD Ports Group and Pakistan Board Of Investment signed a memorandum of understanding to explore developing an industrial zone near Karachi Port and Port Qasim.
AD Ports’ shares closed 2.1% lower.
---------------------------------------- ABU DHABI down 0.5% to 9,565 points DUBAI down 0.8% to 5,318 points ----------------------------------------
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