Abu Dhabi sees strongest week in more than a year

UAE stock markets fell on Friday in tandem with global markets as escalating tensions in the Russia-Ukraine conflict undermined confidence and ended a run of gains spurred by high oil and commodity prices.

Russian forces in Ukraine seized Europe's biggest nuclear power station where a fire, that had spooked financial markets, was extinguished on Friday.

Global stocks extended their losses for the week as investors piled into government bonds and gold for cover while Asian shares hit 16-month lows.

Oil prices rose as high as $114.23 a barrel on Friday as fears over disruption to Russian oil exports in the face of Western sanctions offset the prospect of more Iranian supplies in the event of a nuclear deal with Tehran.

"The Dubai stock market opened to the downside as investors secure their gains after a week of sharp increases," said Wael Makarem, Senior Market Strategist – MENA at Exness.

In Dubai, the main share index (.DFMGI) fell 0.9 per cent, breaking a five-day run of gains.

Financials and communications services were among the big fallers.

The index marked its strongest week in over two months with its gain of 4.1 per cent. Abu Dhabi's index (.FTFADGI) dropped 0.6 per cent, its first fall in six sessions.

The index rose 6.1 per cent for the week, its biggest weekly gain since Jan 2021.

Emirates NBD Bank (ENBD.DU) fell 2.9 per cent after trading ex-dividend.