Post by: Raman Preet
Photo : Reuters
The stock markets in the United Arab Emirates ended lower on Friday, despite the fact that oil prices were climbing. This came ahead of the earnings season, which is soon to start.
The main market in Dubai dropped 0.5% for the second day running. Most stocks were lower, with the industrial and utilities sectors leading the declines.
Dubai's toll operator, Salik Company, shares fell 2.9%. The state-owned utility firm, Dubai Electricity and Water Authority, shed 2.2%.
Dubai's big real estate developer, Emaar Properties, said on Thursday it is in discussions with several groups in India, including Adani Group, to sell part of its business in India. Emaar's shares closed the day down 0.4%.
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Dubai's market was the second time in a row that it experienced losses, with many investors taking profits, especially on Friday's last day of trading, as per Samer Hasn, a Senior Market Analyst at XS.com.
Abu Dhabi's main index, meanwhile, fell by 0.1% after a previous session's loss.
First Abu Dhabi Bank and Abu Dhabi Commercial Bank, the two biggest lenders in the UAE, headed losses in Abu Dhabi. First Abu Dhabi Bank lost 0.7% while Abu Dhabi Commercial Bank shed 1.1%. According to news reports, Sameh Al Qubaisi, the head of global markets, and Suhail Bin Tarraf, chief operating officer of the bank, are both to exit First Abu Dhabi Bank.
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