Stock markets in United Arab Emirates closed lower on Friday for a second consecutive session as investors remained cautious amid the volatile energy market.
Meanwhile, Middle East crude benchmarks recorded losses for the second week in a row as market sentiment remained fragile despite the slow take off of physical trades.
U.S. inflation does not seem to be cooling fast enough to allow Fed to pause its interest rate hike campaign, according to two Fed policymakers.
The Abu Dhabi benchmark index (.FTFADGI) slipped 0.3%, extending declines from the previous session, with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) dropping 2.8%, while UAE's largest lender First Abu Dhabi Bank (FAB.AD) down 1.9%.
Dubai's benchmark index (.DFMGI) settled 0.3% lower, dragged down by a 2% decline in toll operator Salik Company (SALIK.DU) and a 1.1% decrease in top lender Emirates NBD Bank (ENBD.DU).
However, takaful insurer Islamic Arab Insurance jumped 2.6% after the company appointed Walter Jopp as its chief executive officer.
Dubai stock market continued to feel the weight of investors moving to secure their gains, however, improvement in global sentiment could push the market back toward new gains, said Ahmed Negm, Head of Market Research MENA at XS.com.
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