Dubai’s main share index fell 0.8% on Friday, its third straight losing session, as weak corporate earnings and rising regional tensions weighed on UAE stocks.
Abu Dhabi’s benchmark index edged down 0.1% by the close, Reuters reported.
Yemen’s Houthis attacked Saudi oil facilities and airports, and tankers were reported hit in the Strait of Hormuz.
Dubai
Real estate and financial stocks led the decline in Dubai.
Emirates NBD, the emirate’s largest lender, lost 1.1%. Emaar Properties fell 0.9%.
Shares in Dubai Financial Market, the bourse operator, dropped 1.6% after it reported a 4.3% fall in third-quarter net profit and a 4.1% decline in total income.
DIP Holding, owned by Dubai Investments, is expected to price its initial public offering below the top of its indicative range, a bookrunner said in a statement.
Abu Dhabi
Abu Dhabi Islamic Bank fell 3.9%, and ADNOC Distribution slipped 1.3%.
2PointZero Group, owned by International Holding Company, declined 2.5% after its third-quarter net profit fell 25% to AED1.51 billion ($411.15 million).
Brent crude rose 2.3% to $117.56 a barrel by 1150 GMT as traders prepared for a possible escalation in the US-Iran conflict after the US midterm elections.
Abu Dhabi’s index lost 1.3% over the week, while Dubai’s gained 0.6%, according to LSEG data.
