UAE Markets: Abu Dhabi Extends Losses, Mixed Performance Seen

The stock markets in the United Arab Emirates closed in different directions on Friday. The Dubai index went up for the third day in a row, keeping its strong momentum and positive trend. However, the Abu Dhabi index kept going down, ending the week with a loss.

Oil prices, which are very important for the Gulf markets, went up nearly 1% on Friday. They are set for a weekly gain because people expect China, the world's biggest oil importer, to recover economically with help from a government stimulus. Also, it is predicted that U.S. oil inventories will decline. Brent crude oil was priced at $73.88 a barrel at 1135 GMT.

Dubai's index (.DFMGI) went up by 0.3%. This increase was mainly because Shuaa Capital's stock jumped 4.7%. This happened after the company's board agreed to issue a 425.5 million dirham ($115.86 million) mandatory convertible bond. Other stocks that moved up included Salik Company, which rose 2.7%, while Emaar Properties stayed the same.

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On the other hand, the Abu Dhabi index (.FTFADGI) went down by 0.5%. The drop was due to key stocks losing value, including the biggest bank in the country, First Abu Dhabi Bank, which fell 1.5%. Another stock that lost value was International Holding Company, which went down by 0.5%. The Abu Dhabi stock market has now lost for three days in a row, which wiped out most of its gains this week.

According to Ahmed Negm, Head of Market Research MENA at XS.com, "Uncertainty in the market has made investors feel less confident."

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