Abu Dhabi’s stock index closed lower on Friday on weaker oil prices, although it was 2022’s best performer among the Gulf Cooperation Council countries.
Brent crude, a key catalyst for the Gulf’s financial market, was down 15 cents at $83.29 a barrel by 1141 GMT, as a spike in China’s COVID cases hurt the demand outlook.
The index finished the year with a more than 20% gain, after hitting an all-time high in early November.
On the day, Abu Dhabi equities (.FTFADGI) retreated 0.7%, weighed down by a 2.2% fall in the country’s largest lender First Abu Dhabi Bank (FAB.AD), while real estate developer Aldar Properties (ALDAR.AD) slipped 1.6%.
However, Emirates Driving Company (DRIVE.AD) rose 2.3% after it declared a 15 fils-a-share cash dividend for the fourth quarter on Wednesday.
Dubai’s main share index (.DFMGI) closed 0.2% higher, with state-run Emirates Central Cooling Systems Corporation (EMPOWER.DU) jumping 2.2%.
This report’s information was first seen on REUTERS; to read more, click this link.
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