Stock markets in the UAE closed lower on Friday, impacted by falling oil prices. The drop comes as concerns over the effects of Hurricane Rafael of US oil production ease. Abu Dhabi's index dropped 0.2%, while Dubai’s main index fell 0.1%.
Stock markets in the United Arab Emirates closed lower on Friday, driven by a drop in oil prices which were promtped by subsiding risks of the impact of Hurricane Rafael on U.S. oil and gas output.
Hurricane Rafael, which has caused 391,214 barrels per day of U.S. crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from U.S. fields while forecast to weaken from Friday and through the weekend, the U.S. National Hurricane Center said.
Oil prices — an engine of growth for Gulf economies — was down 1.61% at $74.41 a barrel as of 1100 GMT.
Abu Dhabi's benchmark index (.FTFADGI) slipped 0.2%, after three sessions of gains, dragged down by a 0.6% decrease in International Holding Company (IHC.AD) and a 1.4% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD).
Other losers included Sharjah-based energy firm Dana Gas (DANA.AD). It fell 1.3% after the firm recorded a 7% decline in its third-quarter net profit to $40 million.
However, State oil giant Abu Dhabi National Oil Company's gas unit, ADNOC Gas (ADNOCGAS.AD), jumped 1.5% ahead of releasing third-quarter earnings later in the day.
Dubai's main index (.DFMGI) ended three sessions of gains, with the index settling 0.1% down.
Among the losers, Dubai lenders Mashreqbank (MASB.DU) and Commercial Bank of Dubai (CBD.DU) dropped 2% and 4%, respectively.
Meanwhile, the UAE central bank cut its base rate applied to the overnight deposit facility by 25 basis points on Thursday, from 4.90% to 4.65%, effective Nov. 8.
The Abu Dhabi index recorded 1.1% of weekly growth, while the Dubai index extended gains into a fifth week, with a 0.4% rise, according to LSEG data.
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