Abu Dhabi index falls as oil prices weaken

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, reports Reuters.

The index finished the year with a more than 20 per cent gain, after hitting an all-time high in early November.

On the day, Abu Dhabi equities retreated 0.7 per cent, weighed down by a 2.2 per cent fall in the country's largest lender First Abu Dhabi Bank, while real estate developer Aldar Properties slipped 1.6 per cent.

However, Emirates Driving Company rose 2.3 per cent after it declared a 15 fils-a-share cash dividend for the fourth quarter on Wednesday.

Dubai's main share index closed 0.2 per cent higher, with state-run Emirates Central Cooling Systems Corporation jumping 2.2 per cent.

Among other stocks, Dubai Islamic Insurance & Reinsurance Company surged 7.3 per cent after the company said it was disposing its insurance portfolio of motor, medical, non-motor and group life insurance business to Arab Islamic Insurance for AED 15 million ($4.08 million).

Shares of Arab Islamic Insurance were down 3.5 per cent.