UAE stock markets decline due to renewed geopolitical tensions

Analog Devices, Inc. -0.70%
Quantum-Si Incorporated Class A +0.03%
Baxter International Inc. -0.60%
Dana Limited Volatility ETF +0.32%

Analog Devices, Inc.

ADI

318.34

-0.70%

Quantum-Si Incorporated Class A

QSI

0.75

+0.03%

Baxter International Inc.

BAX

16.68

-0.60%

Dana Limited Volatility ETF

DANA

25.23

+0.32%

From Muhammad Idris

- The UAE stock markets ended trading lower on Friday, with Dubai's bourse falling under pressure from losses in the utilities and financial sectors after US President Donald Trump renewed his threats against Iran.

Trump said on Thursday that a U.S. "warship" was moving toward Iran but expressed hope that it would not have to be used, and renewed his warnings to Tehran against killing protesters or resuming its nuclear program.

The index in Dubai fell 0.2 percent, ending a six-session winning streak after hitting its highest level in nearly 20 years in the previous session.

Shares in Dubai Electricity and Water Authority (DEWA) fell 1.3 percent, and shares in Dubai Islamic Bank declined 0.2 percent.

However, shares of Tecom Group, the operator of business parks, rose 0.6 percent after the company acquired an integrated university campus for 125 million dirhams ($34.03 million).

Abu Dhabi's benchmark index ended trading today down 0.2 percent, ending a six-session winning streak, weighed down by a 2.9 percent drop in Sharjah Islamic Bank shares and a 1.3 percent loss in Sharjah-based Dana Gas shares.

Oil prices, a key driver for financial markets in the Gulf region, jumped on Friday, with Brent crude rising 1.6 percent to $65.08 a barrel by 11:27 GMT.

Data from the London Stock Exchange Group showed that the index in Dubai rose 2.7 percent during the week, recording its best weekly performance since mid-July, while the index in Abu Dhabi rose 1.6 percent during the week.

(US$1 = 3.6728 dirhams)