Home ›› 14 May 2023 ›› Stock
Stock markets in the United Arab Emirates closed in the red on Friday, tracking global equities after economic data from the US and China fuelled concerns of a global slowdown.
US jobless claims jumped to a 1-1/2-year high last week, while producer prices rebounded modestly in April, suggesting a slowing economy.
Meanwhile, a decline in new loans to businesses in China and weaker economic data earlier in the week, are adding to worries that the country's post-pandemic recovery is losing steam, reported Reuters.
The Abu Dhabi benchmark index (.FTFADGI) dropped 0.4%, extending declines from the previous session, with state-owned firm Adnoc Gas Plc (ADNOCGAS.AD) falling 2.1%, while investment firm Multiply Group PJSC (MULTIPLY.AD) slipped 1%.
Bucking the trend, IHC -owned Alpha Dhabi Holding PJSC (ALPHADHABI.AD) rose 0.6% after the firm picked up a 36.4% stake in National Corp for Tourism & Hotels (NCTH.AD) in a 730 million dirhams ($198.8 million) deal.
Dubai's benchmark index (.DFMGI) settled 0.3% lower, weighed by losses in utilities and communication sector stocks, with most stocks trading in negative territory.
Dubai telco Emirates Integrated Telecommunication (DU.DU) dipped 1.7% and low-cost carrier Air Arabia PJSC (AIRA.DU) lost 1.3%.
However, Dubai-based real estate heavyweight Emaar properties PJSC (EMAR.DU) gained 1.2% as the developer recorded a 43% jump in first-quarter net profit to 3.2 billion dirhams.
