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Abu Dhabi index falls as oil prices weaken

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Dec 30 (Reuters) – Abu Dhabi’s stock index ended lower on Friday as oil prices fell, despite being the best performer among the Gulf Cooperation Council nations in 2022.

Brent crude, the main catalyst for Gulf financial markets, was down 15 cents at $83.29 a barrel by 1141 GMT, as a surge in COVID cases in China hurt the outlook for demand.

The index ended the year with a gain of more than 20% after hitting an all-time high in early November.

Abu Dhabi stock market today (.FTFADGI) fell 0.7 percent, dragged down by a 2.2 percent drop in the country’s largest lender First Abu Dhabi Bank (FAB.AD)while real estate developer Aldar Properties (ALDAR.AD) down 1.6%.

However, the UAE Driving Company (driving. advertising) Shares rose 2.3% after Wednesday’s announcement of a fourth-quarter cash dividend of 15 fils per share.

Dubai main stock index (.DFMGI) State-run Emirates Central Cooling Systems closed up 0.2% (Authorization.DU) rose 2.2%.

Among other stocks, Dubai Islamic Insurance & Reinsurance Company (AMAN.YOU) Shares soared 7.3% after the company said it would sell the insurance portfolio of its auto, medical, non-auto and group life insurance businesses to Arab Islamic Insurance (Sarama. You) AED 15 million (US$ 4.08 million).

Arab Islamic Insurance shares fell 3.5 percent.

($1 = 3.6726 UAE Dirhams)

Reporting by Mohd Edrees in Bengaluru; Editing by Devika Syamnath

Our standards: Thomson Reuters Trust Principles.

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