The Dubai market posted its second weekly loss

UAE stock markets closed trading today, Friday, in fell and the Dubai index posted its second weekly loss on concerns over economic growth.

Dubai’s leading index fell 0.6%, impacted by declines in Emaar Properties’ share by 2.3% and Emirates NBD’s share by 0.4%.

The index recorded a weekly loss of 1.4%.

Daniel Taqi El Din, CEO of BD Suisse’s Middle East and North Africa division, told Reuters that the Dubai market remained under pressure after uncertainty in the world changed traders’ expectations.

In Abu Dhabi, the main index fell by 0.1%, with First Abu Dhabi Bank, the largest bank in the country, in drop of 0.2%.

However, the index posted a weekly gain of 0.6%, with International Holding Company, the highest valued company in the index, rising 0.6%.

Its chief executive told Reuters that it plans to sell 20 percent of its technology unit in an initial public offering next year and aims to conduct a first-quarter initial public offering of its Pure Health unit to raise more than $1 billion.

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