DUBAI: Stock markets in the United Arab Emirates closed lower on Friday, in line with oil prices as oversupply concerns amid uncertainty around tariff talks between the US and China dampened market sentiments.
Worries are growing about excess supply. Several OPEC+ members had suggested the group accelerate oil output for a second month in June, Reuters reported earlier this week.
Brent crude futures fell 1.07% to $65.84 a barrel by 1059 GMT.O/R
Dubai’s main index slipped 0.6%, weighed down by a 1.5% decline in top lender Emirates NBD Bank and 1.4% fall in toll-gate operator Salik Company.
Among the losers, Dubai Investments and Deyaar Development slumped 6.5% and 3.6% respectively as both the stocks went ex-dividend.
Abu Dhabi’s benchmark index settled 0.4% down, breaking two sessions’ gains, dragged down by a decline in banking sector stocks.