Mideast Stocks: #UAE stock markets fall as World Bank lowers economic forecast

Mideast Stocks: UAE stock markets fall as World Bank lowers economic forecast

Stock markets in the United Arab Emirates fell on Friday after the World Bank cut its 2023 economic growth projection for the region, with the UAE economy forecast to grow 3.3% in 2023, down from 4.1% seen in October.

The World Bank on Thursday lowered its 2023 economic growth projection for Gulf Cooperation Council (GCC) countries to 3.2% from 3.7% forecast in October.

Abu Dhabi's index fell 0.1%, marking its third day in the red, led by a 0.2% dip in First Abu Dhabi Bank , the UAE's biggest lender, and a 1.2% decline in Alpha Dhabi Holding. Abu Dhabi Commercial Bank (ADCB) was down 0.1% after it denied late on Thursday a media report that it was in talks with funds to sell 13.5 billion dirham ($3.68 billion) of bad loans.

Abu Dhabi's index was up 0.3% for the week. In Dubai, the main share index was down 0.1%, extending losses to a third day, dragged down by a 1.7% drop in Emirates Central Cooling Systems as the stock went ex-dividend.

The index logged a marginal gain of 0.1% this week.