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HomeAbu dhabi NewsDubai bourse falls to extend weekly losses, Abu Dhabi falls

Dubai bourse falls to extend weekly losses, Abu Dhabi falls

Dubai bourse falls to extend weekly losses, Abu Dhabi falls


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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