Jan 3 (Reuters) - Stock markets in the United Arab Emirates were subdued on Friday, with Dubai's index retreating due to profit-taking and a late-week sell-off, while Abu Dhabi's index stabilized after the previous session's decline.
Dubai's main share index slipped 0.5% for the second straight day, dragged down by declines in financials and property stocks. Emirates NBD Bank led the losses, falling 2.4%, while blue-chip developer Emaar Properties shed 0.7%.
Dubai's stock market retreated as investors locked in profits, following a recent surge in gains and momentum. The majority of sectors declined, according to Samer Hasn, Senior Market Analyst at XS.com.
Abu Dhabi's main share index - which ended 2024 in the red - closed flat, as gains in consumer and material stocks were offset by declines in financials.
ADNOC Drilling and Lulu Retail Holdings rose 1.9% and 2.6% respectively. The retailer opened two new express stores in the Kingdom last week, bringing its total store count to 59.
Meanwhile, the country's largest lender, First Abu Dhabi Bank, fell 0.7% while conglomerate Alpha Dhabi Holding dropped over 1%.
Abu Dhabi stocks traded sideways on Friday, with major heavyweights posting mixed results. However, a rebound in oil prices may lift the market in upcoming sessions, according to Samer.
|
ABU DHABI |
was flat at 9,323 points |
|
DUBAI |
fell 0.5% to 5,127 points |
Reporting by Shamsuddin Mohd in Bengaluru
Source: Reuters