Stock markets in the United Arab Emirates were subdued on Friday as weaker oil prices and profit-taking offset recent gains, with sentiment also tempered by concerns over a global supply glut and geopolitical developments.
Oil prices - a catalyst for the Gulf's financial markets - inched lower with Brent crude down 0.25% at $61.17 a barrel at 1230 GMT.
The International Energy Agency on Thursday trimmed its forecast for next year's global oil surplus for the first time since May, citing stronger demand prospects, while OPEC left its 2026 global oil demand growth outlook unchanged in its monthly report.
Dubai's benchmark index (.DFMGI), opens new tab fell marginally after nine straight sessions of gains, with declines in communications, consumer staples and industrial stocks outweighing advances in financials, utilities and real estate. The index still notched its third consecutive weekly rise.
Emirates NBD (ENBD.DU), opens new tab, Dubai's largest lender, gained 1.6% and Mashreqbank (MASB.DU), opens new tab rose 2.1%, while Gulf Navigation (GNAV.DU), opens new tab and Union Properties (UPRO.DU), opens new tab fell 9.8% and 2.1%, respectively.
In Abu Dhabi, the index (.FTFADGI), opens new tab slipped 0.2%, pressured by healthcare, real estate and telecom shares. Blue-chip developer Aldar Properties (ALDAR.AD), opens new tab lost 1.2% and Abu Dhabi Commercial Bank(ADCB.AD), opens new tab declined 2.1%.
Dana Gas (DANA.AD), opens new tab jumped 6% after the company reported a new gas discovery in Egypt's onshore Nile Delta, following the successful drilling of the North El-Basant-1 exploration well.
"Markets edged slightly lower due to profit-taking after a strong rebound over the last two weeks," said Ahmed Negm, head of market research for MENA at XS.com.
"Looking ahead, lower oil prices and a bearish outlook for 2026 remain risks that could cap future gains," he added.
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