UAE stocks decline on weak corporate earnings

UAE equities ended Friday lower as earnings disappointments weighed on industrial and financial shares, Business Recorder reported. Dubai’s benchmark lost 0.6%, pulling back from a level near a five-month peak reached a day earlier, while Abu Dhabi’s index also fell 0.6% and ended a four-session advance. Despite the session’s declines, both markets gained 2.9% over the week, according to LSEG data.

Several company results added pressure: Salik’s third-quarter profit declined 8.5% to 341.1 million dirhams and revenue was down 5.7% year on year. Air Arabia reported a 42% fall in quarterly profit to 383 million dirhams, while Investcorp Capital’s first-quarter profit dropped 83% to 2 million dirhams. Oil prices moved higher amid attacks on Saudi energy infrastructure and concerns over shipping through the Strait of Hormuz; Brent rose 0.16% to $95.97 a barrel by 1202 GMT.