Stock markets in the United Arab Emirates were mixed in quiet trade on Friday, as investor sentiments were subdued amid regional tensions and declining oil prices, although Abu Dhabi rebounded after four consecutive sessions of decline.
In Dubai, the main share index fell 0.2%, with financial and property stocks leading the losses.
Dubai’s largest lender Emirates NBD Bank dropped more than 1% and blue-chip developer Emaar Properties was down 0.2%.
On a monthly basis, the benchmark settled 1.3% higher in August, making it the third month in a row it has gained, with July being the best month so far this year when it was up 5.9%.
Dubai’s stock market showed volatility after it reached an important resistance level. Despite this, both its weekly and monthly performances remain positive, said Hani Abuagla Senior Market Analyst at XTB MENA.
Most Gulf markets ease on regional tensions
Abu Dhabi’s benchmark index gained 0.6%, after four consecutive sessions of decline, bolstered by a 1.8% rise in the country’s largest lender First Abu Dhabi Bank.
The index ended 0.6% down in August after two months of gains.
Additionally, the UAE financial markets saw changes in the MSCI index, with Parkin and Spinneys being added to the small-cap index, and ADNOC Drilling joining the global benchmark indices.
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ABU DHABI rose 0.6% to 9,285 points
DUBAI fell 0.2% to 4,325 points
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Source: Brecorder
