Dubai's stock market slipped on Friday, weighed down by investor concerns over the rapidly intensifying U.S.-China trade war and its potential economic impact, although the Abu Dhabi index finished higher.
Beijing on Friday increased its tariffs on U.S. imports to 125%, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145% and raising the stakes in a trade war that threatens to upend global supply chains.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, hit by a 2.2% drop in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 4.8% slide in Commercial Bank of Dubai (CBD.DU), opens new tab.
However, the Dubai index managed to eke out a weekly gain of 0.3%.
Regionally, markets were significantly impacted this week by ongoing trade tensions between the U.S. and its economic partners, said Ahmed Negm, Head of Market Research MENA at XS.com.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.4%, helped by a 1.7% rise in Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - rose, but still headed for a second straight week in the red on concerns about a prolonged trade war between the United States and China.
According to Negm, persistently low oil prices continue to pose a risk to the market and investor sentiment.
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