UAE markets weighed by financial, industrial stocks – Reuters.com


An investor keeps track of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014Register now free of charge limitless access to Reuters.comRegisterMarch 18 (Reuters) – UAE stock markets fell on Friday, pressured by industrial and banking companies, with Dubais main index marking its 2nd straight session of losses.UAE stocks tracked global stock markets, which took a breather on Friday after numerous days of large gains, as geo-political stress arising from the Ukraine dispute kept investors on guard. find out more Meanwhile, oil costs extended gains on Friday at the end of a third volatile week of trade, as Brent crude futures rose 1% to $107.78 a barrel at 1003 GMT.Register now free of charge unlimited access to Reuters.comRegisterIn Dubai, the primary share index (. DFMGI) fell 1.7%, ending its second session of losses in a row. Financial and commercial stocks were among the big losers.Air Arabia (AIRA.DU) decreased 6.5% and was the greatest drag to the index. Previously this month, the carrier said it plans to continue to run Russia flights as long as they are legal. learn more Financial Emirates NBD Bank (ENBD.DU) and Shuaa Capital dropped more than 5% each.The blue-chip designer Emaar Development (EMAARDEV.DU) fell 2.8%. Previously in the day, the board of Emaar Properties (EMAR.DU) authorized a strategy to increase its shareholding in Emaar Development.Abu Dhabis index (. FTFADGI) ended flat on Friday, and published a weekly gain of 0.6%.”The Abu Dhabi stock exchange is seeing some corrections as investors price in the uncertainties on the oil markets,” wrote Miguel Rodriguez, primary market analyst at CAPEX.com.Emirates Telecommunications Group Company (ETISALAT.AD) gained 1.3% following its statement to get a controlling stake in Starzplay Arabia.Abu Dhabi Islamic Bank (ADIB.AD) included 0.9% after investors approved a yearly dividend of 31.11 fils per share.Register now free of charge limitless access to Reuters.comRegisterReporting by Karina Dsouza in Bengaluru; Editing by Amy Caren DanielOur Standards: The Thomson Reuters Trust Principles.


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