Dubai snaps six-week rally, Abu Dhabi extends losses
By Mohd Edrees
Nov 22 (Reuters) -Stock markets in the United Arab Emirates declined on Friday, despite rising oil prices, as the intensifying conflict between Russia and Ukraine kept investors on edge, with Dubai breaking a six-week gaining streak.
Putin said on Thursday Russia had fired a medium-range ballistic missile at Ukraine and warned of a global conflict.
Abu Dhabi's benchmark index .FTFADGI declined 0.9%, extending losses to a third session, as a majority of the stocks were trading in negative territory.
The UAE's largest lender, First Abu Dhabi Bank FAB.AD, lost 1.1% and Abu Dhabi's biggest developer, Aldar Properties ALDAR.AD, fell 2.5%.
Abu Dhabi's largest listed firm, International Holding Company IHC.AD, which has investments in Adani Group companies, slipped 1% after the Indian conglomerate's chairman Gautam Adani was indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials.
The potential impact from Adani's extensive business presence in the UAE, including strategic partnerships with ADNOC, and substantial investments from Abu Dhabi's IHC affected market sentiment, said Milad Azar Market analyst at XTB MENA
Four of IHC's eight listed subsidiaries closed lower, with Alpha Dhabi Holding ALPHADHABI.AD dipping 1.1%.
Meanwhile, defense contractor Abu Dhabi Ship Building ADSB.AD plunged 9.1% after touching an all-time high of 6.40 dirham a share.
On Thursday, ADSB signed a local contract to build its 24-A Houseboat.
Dubai's main market .DFMGI lost 0.1%, pressured by losses in heavyweight financial and real estate sector stocks.
Blue-chip developer Emaar Properties EMAR.DU and top lender Emirates NBD Bank ENBD.DU slumped 1.1% and 1%, respectively.
Dubai's index slipped 0.3% on a weekly basis, its second weekly loss in over three months, while Abu Dhabi index finished the week with 2.2% decline, according to data complied by LSEG.
ABU DHABI | .FTFADGI down 0.9% to 9,232 points |
DUBAI | .DFMGI fell 0.1% to 4,724 points |
Reporting by Mohd Edrees in Bengaluru; Editing by Shreya Biswas
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
