Stock markets in the United Arab Emirates fell on Friday, tracking global equities, as signs of credit stress among U.S. regional lenders put investors on edge.
Market sentiment was further dented as crude prices, a key component of Gulf economies, dropped more than 1% after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss ending the war in Ukraine.
Dubai's main index (.DMFGI), opens new tab dropped 0.6%, with the majority of stocks showing losses.
Heavyweight real estate and banking stocks drove losses in the index with Emaar Properties (EMAR.DU), opens new tab down 1.4% and top lender Emirates NBD Bank (ENBD.DU), opens new tab off 1.1%.
Talabat (TALABAT.DU), opens new tab fell for a third session, dropping a further 1.7% after the grocery delivery firm said on Oct. 15 that Tomaso Rodriguez was being replaced as CEO by Toon Gyssels.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.2% lower, pressured by a 1.6% decline in Aldar Properties (ALDAR.AD), opens new tab and a 1.8% fall in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Losses were stemmed by a 3.7% jump in AI-powered space-tech company Space42 (SPACE42.AD), opens new tab and 2% rise in Abu Dhabi Ports Company (ADPORTS.AD), opens new tab.
AI and big data analytics firm Presight Ai Holding (PRESIGHT.AD), opens new tab gained 1.1% after it signed an MoU with Dubai Taxi Company (DTC.DU), opens new tab to speed up AI-powered mobility transformation in Dubai.
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