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 (.DFMGI), opens new tab slipped 0.4%, pressured by losses in utilities and financial sector stocks with Dubai Electricity and Water Authority (DEWAA.DU), opens new tab falling 2.6% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab decreasing 0.7%.
However, Dubai Taxi Company (DTC.DU), opens new tab rose 1.9% after the firm proposed a 4.89 fils per share cash dividend for the second half of the year.
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 (.FTFADGI), opens new tab dropped 0.01% after trading the entire session in the green, dragged down by a 5% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and 1.4% loss in hypermarket operator Lulu Retail (LULU.AD), opens new tab.
However, Adnoc Gas (ADNOCGAS.AD), opens new tab rose 0.8% as parent Abu Dhabi National Oil Co (ADNOC) completes a $2.84 billion offering of shares in Adnoc Gas at a discount of 5% to the stock's previous close.
Abu Dhabi and Dubai each recorded a 0.1% 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% to $75.84 a barrel by 1134 GMT.
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