The Dubai index fell on Friday, driven by losses in the shares of the heavy real estate sector, as it made the latest tariff threats that US President Donald Trump is tense, while Abu Dhabi made the trend to close.
In the latest in a long list of customs tariff threats, Trump said he would strike European drinks with 200 % duties if the European Union does not remove the additional fees of whiskey.
The main Dubai index decreased by 0.9 % after two sessions of gains, as EMAAR Properties Emaar Properties and the development of a construction arm 2.2 % and 2.8 %, respectively.
Among the losers, Dubai Commercial Bank has slipped by 6.1 % with the arrow distribution.
However, Dubai Investments jumped by 4.4 % after the company raised its entire profits by 44 % to 18 FILS per share.
The Standard Abu Dhabi Index increased by 0.1 %, with support from a 1.1 % increase in the largest bank of the first lender Abu Dhabi and an increase of 1.4 % in the Emirati Communications Group (known as E & Group).
On Thursday, GULF CEMET received an offer from TC Mena Holdings to get a 100 % stake in the company at a price of 0.56 dirhams per share.
Gulf cement stocks closed 1.8 % higher.
Oil prices – a main catalyst for the financial market in the Gulf – have flourished on Friday due to the decrease in expectations represented at the rapid end of the Ukraine war, which could return more Russian energy supplies to the western markets.
Brent crude rose by 1 % at $ 70.57 a barrel by 1130 GMT.
The market analyst at Hani Abuagla at XTB MENA said that oil prices are still playing a decisive role in the continuous recovery of the Abu Dhabi market, after they arrived and stopped the main support levels.
He also said that any recovery in oil prices could provide a positive momentum of the market.
Dubai and Abu Dhabi indicators recorded their fourth consecutive week of losses, as it decreased by 1.6 % and 0.3 %, respectively, according to LSEG.
