UAE bourses slip on weak oil, growth worries

Dubai’s main share index fell 0.4 per cent, with top lender Emirates NBD down 1.4 per cent and Shariah-compliant lender Dubai Islamic Bank down 0.7 per cent



An investor walks through the Dubai Financial Market. — File photo
An investor walks through the Dubai Financial Market. — File photo

By Reuters

Published: Fri 19 Aug 2022, 6:28 PM

Last updated: Fri 19 Aug 2022, 6:30 PM

Dubai’s main share index led stock markets in the UAE lower on Friday, as oil prices fell on concerns about a global economic slowdown.

Crude prices, a key driver of the Gulf’s financial markets, slipped after two days of gains and were heading for weekly losses, also under pressure from a strong dollar.

Dubai’s main share index fell 0.4 per cent, with top lender Emirates NBD down 1.4 per cent and Shariah-compliant lender Dubai Islamic Bank down 0.7 per cent.

The index still managed to eke out a weekly gain of 0.7 per cent, however.

Abu Dhabi’s index ended five weeks of gains with a weekly drop of 1.6 per cent, although it only inched 0.1 per cent lower on Friday.

Telecoms firm e&, formerly known as Emirates Telecommunications, retreated 1.1 per cent, while a 0.3 per cent rise in conglomerate International Holding Co (IHC) helped support the broader index.

Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen by more than 120 per cent so far this year.

IHC, which straddles sectors from healthcare and real estate to IT and utilities, made 70 acquisitions worth Dh10 billion ($2.72 billion) this year. — Reuters


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