UAE shares extend losses on regional conflict fears

UAE equities extended their weekly decline on Friday as fears of a broader regional conflict weighed on investor sentiment, Business Recorder reported. Dubai’s main index fell 1.4% to a low not seen for more than four months, while Abu Dhabi’s benchmark lost 1.2%. Dubai’s financial and property shares led the retreat, and Abu Dhabi also faced pressure from energy, real estate and banking stocks.

Emirates NBD dropped 3.5% and Emaar Properties slid 2.1% in Dubai. In Abu Dhabi, Aldar Properties fell 3.7% and Adnoc L&S declined 3.9%; Abu Dhabi Commercial Bank also shed 3.7% despite posting a 15% increase in third-quarter net profit to 3.56 billion dirhams. Separately, Brent crude gained 1.3% to $114.61 a barrel as concerns about disruption to Middle East energy supplies grew. Dubai and Abu Dhabi indexes ended the week down 2.3% and 2.2%, respectively.