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) 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) down 1.4% and top lender Emirates NBD Bank (ENBD.DU) off 1.1%.
Talabat (TALABAT.DU) 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) settled 0.2% lower, pressured by a 1.6% decline in Aldar Properties (ALDAR.AD) and a 1.8% fall in Abu Dhabi Islamic Bank (ADIB.AD).
Losses were stemmed by a 3.7% jump in AI-powered space-tech company Space42 (SPACE42.AD) and a 2% rise in Abu Dhabi Ports Company (ADPORTS.AD).
AI and big data analytics firm Presight Ai Holding (PRESIGHT.AD) gained 1.1% after it signed an MoU with Dubai Taxi Company (DTC.DU) to speed up AI-powered mobility transformation in Dubai.
