Stock markets in the United Arab Emirates declined on Friday, despite rising oil prices, as the intensifying conflict between Russia and Ukraine kept investors on edge, with Dubai breaking a six-week gaining streak.
Putin said on Thursday Russia had fired a medium-range ballistic missile at Ukraine and warned of a global conflict.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab declined 0.9%, extending losses to a third session, as a majority of the stocks were trading in negative territory.
The UAE's largest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, lost 1.1% and Abu Dhabi's biggest developer, Aldar Properties (ALDAR.AD), opens new tab, fell 2.5%.
Abu Dhabi's largest listed firm, International Holding Company (IHC.AD), opens new tab, which has investments in Adani Group companies, slipped 1% after the Indian conglomerate's chairman Gautam Adani was indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials.
The potential impact from Adani's extensive business presence in the UAE, including strategic partnerships with ADNOC, and substantial investments from Abu Dhabi's IHC affected market sentiment, said Milad Azar Market analyst at XTB MENA
Four of IHC's eight listed subsidiaries closed lower, with Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab dipping 1.1%.
Meanwhile, defense contractor Abu Dhabi Ship Building (ADSB.AD), opens new tab plunged 9.1% after touching an all-time high of 6.40 dirham a share.
On Thursday, ADSB signed a local contract to build its 24-A Houseboat.
Dubai's main market (.DFMGI), opens new tab lost 0.1%, pressured by losses in heavyweight financial and real estate sector stocks.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab and top lender Emirates NBD Bank (ENBD.DU), opens new tab slumped 1.1% and 1%, respectively.
Dubai's index slipped 0.3% on a weekly basis, its second weekly loss in over three months, while Abu Dhabi index finished the week with 2.2% decline, according to data complied by LSEG.
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