Stock markets in the United Arab Emirates closed slightly lower on Friday, as sentiment turned bearish after U.S. consumer data rekindled fears of global recession.

Pulling down risk appetite further, U.S. Federal Reserve officials suggested on Thursday the need to sustain rate hikes to fight inflation.

Abu Dhabi’s share index edged 0.04% lower, extending losses to a third session, weighed down by industrials and energy stocks.

Index heavyweight conglomerate Alpha Dhabi Holding slipped 0.4% while investment firm Multiply Group declined 1.1%.

Shares of Abu Dhabi Ports Company rose 1.1% after the port operator signed maritime and port framework agreement with Angolan Organizations to enhance maritime connectivity along Africa’s West Coast.

Gulf stocks up despite weak Oil, US consumer data

The firm also signed head of terms to establish a new joint venture to manage multipurpose terminal at Port of Luanda with Unicargas.

Oil, a key catalyst for Gulf’s financial market, was up $0.69 or 0.80% at $86.85 a barrel, as of 1130 GMT.

Industrial and utilities sectors pressured Dubai’s main share index down by 0.02%, as state-run utility firm Dubai electricity and Water Authority dropped 1.2%.

================================= ABU DHABI   down 0.04% to 10,128 DUBAI       fell 0.02% to 3,353=================================