DUBAI: United Arab Emirates stock markets closed lower on Friday as a stalemate in US-Iran negotiations dampened risk appetite and unsettled energy markets.
Dubai’s benchmark index fell for a fourth straight session, closing 0.5 percent lower, with nearly all constituents in negative territory. Emirates NBD, Dubai’s largest lender, fell 1.9 percent, while road-toll operator Salik dropped 2.7 percent.
In Abu Dhabi, the index declined 0.3 percent for a seventh straight session, weighed down by basic materials and consumer discretionary shares. Conglomerate Alpha Dhabi Holding lost 1.1 percent, while Abu Dhabi Commercial Bank fell 1.3 percent.
Markets remain under pressure, said Daniel Takieddine, CEO of Sky Links Capital Group, citing “geopolitical uncertainty and stalled US-Iran talks.”
The Wall Street Journal reported that the US was deploying a third aircraft carrier and up to 10,000 additional troops to the Middle East, as US President Donald Trump considered resuming strikes on Iran after the November midterm elections.
For the week, the Abu Dhabi index lost 2.2 percent and Dubai’s fell 1.3 percent, according to LSEG data.
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