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Nov 25 (Reuters) – Shares in the United Arab Emirates closed lower on Friday, with Dubai’s index falling for a second straight week on growth concerns, while Abu Dhabi fell.
Dubai main stock index (.DFMGI) fell 0.6%, weighed down by a 2.3% drop in blue-chip developer Emaar Properties (EMAR. YOU) Emirates NBD Bank fell 0.4% (ENBD.DU).
The index recorded a weekly loss of 1.4%.
Dubai stocks remained under pressure as global uncertainties changed traders’ expectations, said Daniel Takieddine, CEO of BDSwiss MENA.
“Major indices could see more price corrections as a result, potentially extending losses after a period of sideways trading.”
In Abu Dhabi, the index (.FTFADGI) It was down 0.1 percent along with First Abu Dhabi Bank, the country’s largest lender (FAB.AD) down 0.2%.
However, its most highly valued company, International Holding Company (IHC), posted a weekly gain of 0.6%. (IHC.AD)rose 0.6%.
Enterprise Group Plan to sell 20% Its technology arm will have an IPO next year, its chief executive told Reuters, adding that UAE-based IHC was aiming to raise more than $1 billion in the first-quarter IPO of its subsidiary Pure Health.
By Ateeq Shariff from Bengaluru
Our standards: Thomson Reuters Trust Principles.
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