Dubai eases on profit-taking, Abu Dhabi marginally down

DUBAI: Dubai index fell on Friday, as investors continued to encash on the profits gained in previous sessions, while Abu Dhabi closed marginally lower.

Dubai’s main index slipped 0.4 per cent, pressured by losses in utilities and financial sector stocks with Dubai Electricity and Water Authority falling 2.6 per cent and blue-chip developer Emaar Properties decreasing 0.7 per cent.

However, Dubai Taxi Company rose 1.9 per cent after the firm proposed a 4.89 fils per share cash dividend for the second half of the year.

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Dubai stock market experienced a decline, continuing its pattern of uncertainty and minimal movements following a period of strong gains that were supported by robust earnings results, said Ahmed Negm, head of market research MENA at XS.com.

However, correction appears temporary as the market continues to be underpinned by solid earnings results and strong fundamentals, Ahmed said.

Abu Dhabi’s benchmark index dropped 0.01 per cent after trading the entire session in the green, dragged down by a 5 per cent decline in IHC-owned conglomerate Alpha Dhabi Holding and 1.4 per cent loss in hypermarket operator Lulu Retail.

However, Adnoc Gas rose 0.8 per cent as parent Abu Dhabi National Oil Co (ADNOC) completes a $2.84 billion offering of shares in Adnoc Gas at a discount of 5 per cent to the stock’s previous close.

Abu Dhabi and Dubai each recorded a 0.1 per cent loss on a weekly basis, according to data compiled by LSEG.

Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia, while uncertainty looms over a potential peace deal in Ukraine.

Brent crude slipped by 0.84 per cent to $75.84 a barrel by 1134 GMT.