Stock markets in Dubai and Abu Dhabi retreated on Friday, primarily weighed down by firms trading ex-dividend.
Oil and the dollar were also struggling, as Trump’s 25% tariffs on auto imports due to kick in next week alongside plans for much broader global levies continued to draw fierce criticism from countries and companies.
In Dubai, the main share index slipped 0.5%, led by a 2.4% drop in Emirates Central Cooling Systems Corp and a 1.6% decline in government-owned utility firm Dubai Electricity and Water Authority, both of which traded ex-dividend.
Dubai’s largest lender Emirates NBD Bank fell 0.5%, while Emaar Properties edged down 1.5%.
Abu Dhabi’s General Index dipped 0.2%, weighed down by a 0.3% decline in the country’s largest lender, First Abu Dhabi Bank.
Most Gulf markets rebound amid US tariff news
Aldar Properties and ADNOC Gas fell 2.9% and 2.1% respectively, as both the stock traded ex-dividend.
Separately, Abu Dhabi’s GDP grew 3.8% in 2024 to AED 1.2 trillion ($326.73 billion), the Abu Dhabi Statistics Centre reported.
Most Gulf markets will remain closed from Sunday through Tuesday for the Eid holiday.
----------------------------------------- ABU DHABI fell 0.2% to 9,369 points DUBAI down 0.5% to 5,096 points -----------------------------------------
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