Stock markets in the United Arab Emirates fell on Friday, tracking falling oil prices as the prospect of increased Iranian oil exports eclipsed potential supply disruption fears arising from the Russia-Ukraine crisis.
In Abu Dhabi, the main share index (.FTFADGI) fell 0.6%, though the index was up 1.7% for the week.
The country's largest lender, First Abu Dhabi Bank (FAB.AD), was down 1.1%.
The Abu Dhabi stock market retreated as it was pressured by depressed oil prices. The stock market could record some price corrections following the developments in crude markets in particular after the main index hit a new high this week, said Eman AlAyyaf, CEO of EA Trading.
Dubai's main share index (.DFMGI) eased 0.1%, dragged down by a 1.4% decline in its top lender Emirates NBD Bank (ENBD.DU) and a 1.2% fall in Dubai Financial Market (DFM.DU).
The index added a 2.2% this week, however.
The Dubai stock market was volatile, but it could see support from the improving real estate sector as well as a trade deal with India, added AlAyyaf.
The United Arab Emirates and India will sign a trade and investment agreement on Friday during a virtual summit attended by the countries two leaders, Emirati media reported on Thursday. read more
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