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Abu Dhabi’s stock index closed lower on Friday on weaker oil prices, 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 stocks fell 0.7 percent on the day, weighed down by a 2.2 percent drop in the country’s largest bank, First Abu Dhabi Bank, while real estate developer Aldar Properties fell 1.6 percent. However, Emirates Driving Company rose 2.3% on Wednesday after it announced a cash dividend of $15 per share for the fourth quarter.
Dubai’s main stock index closed up 0.2 percent, with state-run Emirates Central Cooling Systems up 2.2 percent. Among other stocks, Dubai Islamic Insurance & Reinsurance Company soared 7.3% after it said it would sell the insurance portfolio of its auto, medical, non-auto and group life insurance businesses for 15 million dirhams ($4.08 million). To Arab Islamic Insurance. Arab Islamic Insurance shares fell 3.5 percent.
- Abu Dhabi down 0.7% to 10,189
- Dubai up 0.2% to 3,336
($1 = 3.6726 UAE Dirhams)
(Reporting by Mohd Edrees in Bengaluru; Editing by Devika Syamnath)
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