Abu Dhabi stocks closed lower on Friday, tracking losses in global markets on worries that hefty rate hikes to control surging inflation would push major economies into recession.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.9%, while Europe’s index fell 1.5%.

In Abu Dhabi, the benchmark stock index slipped 0.2%, dragged down by a 0.4% drop in conglomerate International Holding Company, while diversified investment firm Alpha Dhabi Holding declined 1.4%.

However, National Marine Dredging jumped 1.5%, a day after posting an 11% growth in third-quarter net profit.

Major Gulf bourses in red on volatile oil, global growth concerns

The Abu Dhabi bourse finished the week with a gain of 3.5%, according to Refinitiv data.

Dubai shares closed flat after a volatile session of trade, with Emaar Properties up 1.3% after the blue-chip developer obtained regulatory approval to raise foreign ownership limit to 100%.

Major stock markets elsewhere in the Gulf region were closed.

=============================================== ABU DHABI      was down 0.2% to 10,099 points DUBAI          was flat===============================================