UAE markets fall; Abu Dhabi has strongest week in more than a year

A dealer appears on close to digital boards exhibiting inventory market information at Bahrain Bourse after Joe Biden gained the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed


March 4 (Reuters) – UAE inventory markets fell on Friday in tandem with international markets as escalating tensions within the Russia-Ukraine battle undermined confidence and ended a run of positive aspects spurred by excessive oil and commodity costs.

Russian forces in Ukraine seized Europe’s largest nuclear energy station the place a hearth, that had spooked monetary markets, was extinguished on Friday. learn extra

World shares prolonged their losses for the week as buyers piled into authorities bonds and gold for canopy whereas Asian shares hit 16-month lows.

Oil costs rose as excessive as $114.23 a barrel on Friday as fears over disruption to Russian oil exports within the face of Western sanctions offset the prospect of extra Iranian provides within the occasion of a nuclear take care of Tehran.

“The Dubai inventory market opened to the draw back as buyers safe their positive aspects after every week of sharp will increase,” stated Wael Makarem, Senior Market Strategist – MENA at Exness.

In Dubai, the primary share index (.DFMGI) fell 0.9%, breaking a five-day run of positive aspects.

Financials and communications providers had been among the many massive fallers.

The index marked its strongest week in over two months with its achieve of 4.1%.

Abu Dhabi’s index (.FTFADGI) dropped 0.6%, its first fall in six classes.

The index rose 6.1% for the week, its largest weekly achieve since Jan 2021.

Emirates NBD Financial institution (ENBD.DU) fell 2.9% after buying and selling ex-dividend.

Reporting by Tanvi Mehta in Bengaluru. Modifying by Jane Merriman

Our Requirements: The Thomson Reuters Belief Rules.