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UAE stock markets declined amid falling oil prices and uncertainty surrounding interest rates.
Tadawul All Shares Index TASI.SA | 10726.16 | +0.25% |
November 21 (Reuters) - UAE stock markets fell on Friday as oil prices declined amid pressure from the United States to push for a peace deal between Russia and Ukraine that could boost global supplies, while stronger-than-expected US jobs data fueled uncertainty over interest rates.
Ukrainian President Volodymyr Zelensky said he would work with Washington on a plan to end the war.
The data showed that the US economy created far more jobs than expected in September, but a high unemployment rate and downward revisions to previous months painted a murky picture for the Federal Reserve as it considers whether to cut interest rates next month.
Brent crude fell 1.9 percent to $62.16 a barrel by 11:15 GMT.
Dubai's index fell 1.3 percent, its biggest intraday drop in nearly two months, as the stock market declined.
Shares in Emirates NBD, the emirate's largest bank, fell 4.7 percent. Shares in Salik, the toll collection company, dropped 2 percent.
The Abu Dhabi index fell 0.9 percent to near its lowest level in five months at settlement, with Abu Dhabi Commercial Bank shares down 2.4 percent and First Abu Dhabi Bank shares down 2.3 percent.
Shares in International Holding Company rose 0.2 percent after a report that the company had expressed interest to the U.S. Treasury Department in the overseas assets of Russian oil company Lukoil, the company told Reuters in response to an inquiry.
On the other hand, the UAE said on Friday that it will invest up to $50 billion in Canada under a framework that includes projects in the fields of artificial intelligence, energy and mining.
According to data compiled by the London Stock Exchange Group, the Dubai index recorded a weekly loss of 1.9 percent, its biggest drop in two months, while the Abu Dhabi index also fell 1.2 percent during the week.
(Prepared by Noha Zakaria for the Arabic Bulletin - Edited by Doaa Mohamed)


