Abu Dhabi, Dubai stocks end lower; Borouge surges on debut

An investor monitors a screen showing stock information at the Abu Dhabi Stock Exchange on June 25, 2014.

June 3 (Reuters) – United Arab Emirates stocks ended lower on Friday as oil prices extended losses after OPEC+ raised its output target by slightly more than planned.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Thursday to boost output by 648,000 bpd in July – or 0.7% of global demand – similar to August’s output, compared with a more than a month-long increase of 432,000 bpd initially planned. three months until September. read more

In Abu Dhabi, the index (.FTFADGI) Down 0.2%, First Abu Dhabi Bank, the country’s largest bank (FAB.AD) It fell 1%, its third straight day of losses.

Borouge’s shares closed at 3 dirhams, up more than 22% from their IPO price of 2.45 dirhams per share, data from Refinitiv Eikon showed.

Borouge has raised more than $2 billion after IPO demand topped $83.4 billion, making it Abu Dhabi’s largest IPO to date.

The Abu Dhabi index rose 1.5% on the week.

Dubai Main Market Index (.DFMGI)It closed down 0.3%, dragged down by a 1.2% drop in Shariah-compliant bank Dubai Islamic Bank (DISB.DU).

Elsewhere, blue-chip developer Emaar Properties (Emar. You) Shares fell 0.3% even though S&P Global upgraded it to “BBB-” on strong performance.

The Dubai index rose 2.7% on a weekly basis, snapping four weeks of losses.

Reporting by Mohd Edrees in Bengaluru; Editing by Barbara Lewis

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