By Mohd Edrees
(Reuters) – Stock markets in United Arab Emirates closed lower on Friday, in line with global equities as the uncertainty around U.S. tariff policy creates nervousness among investors.
European stocks fell 0.7%, on track for a weekly loss after 10 straight weekly gains, while Japan’s Nikkei lost 2.2% to a six-month low. [MKTS/GLOB]
On Thursday, U.S. President Donald Trump suspended the 25% tariffs he had imposed on most goods from Canada and Mexico until April 2, although steel and aluminium tariffs would still go into effect on March 12 as scheduled.
Dubai’s main market dropped 1%, its biggest intraday loss in three months, as a majority of stocks were trading in negative territory.
Dubai’s biggest Islamic lender, Dubai Islamic Bank declined 1.6%, while business park operator Tecom Group lost 3%.
Talabat Holding, one of the largest food ordering businesses in the Middle East, reported on Thursday that it had completed the acquisition of 100% of instashop’s share capital from Delivery Hero SE.
Talabat shares closed 0.7% down.
Dubai’s index recorded 1.8% losses, its biggest weekly loss since early October last year, while Abu Dhabi logged 1.2% decline on a weekly basis, according to LSEG data.
Abu Dhabi’s benchmark index slipped 0.9%, hitting its 8-week low, with biggest developer Aldar Properties losing 2.6% and IHC-owned investment firm Multiply Group dipping 3.4%.
Among the losers, UAE’s top lenders First Abu Dhabi Bank and Abu Dhabi Commercial Bank fell 0.8% and 7.4% respectively.
Abu Dhabi’s index saw a significant decline, continuing its downward movement due to the ongoing trade tensions and the general decline in oil prices experienced during the week, said Rania Gule, Senior Market Analyst at XS.com – MENA.
NMDC Energy gained 0.7% after company’s shareholders approved a full-year dividend of AED 0.14 per share.
Oil prices – a key contributor to the Gulf’s economies – drifted higher on Friday, with Brent crude rising 1.7% to $70.61 a barrel by 1135 GMT.
ABU DHABI down 0.9% to 9,448 points
DUBAI fell 1% to 5,223 points
($1 = 3.6725 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Alex Richardson)
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