UAE shares decline on weak earnings and regional tensions

UAE equities ended lower on Friday, with Dubai’s main index falling 0.8% for a third consecutive session as weaker company earnings and rising regional tensions weighed on sentiment. Abu Dhabi’s benchmark slipped 0.1%. Business Recorder reported that Dubai Financial Market shares lost 1.6% after its third-quarter net profit declined 4.3% and total income fell 4.1%.

Regional security concerns included attacks on Saudi oil facilities and airports, reported strikes on tankers in the Strait of Hormuz, and a US military briefing on options concerning Iran, according to the report. Brent crude rose 2.3% to $117.56 a barrel by 1150 GMT as traders assessed the risk of further US-Iran tensions. For the week, Dubai gained 0.6%, while Abu Dhabi fell 1.3%.