The markets of the United Arab Emirates are down, hit by the decline in banking and industrial stocks

Equity markets in the UAE fell today, Friday, under pressure from industrial and banking companies, as Dubai’s leading index posted losses for the second consecutive session.

UAE equities followed in the footsteps of global equity markets, which fell Friday after several days of big gains as geopolitical tensions stemming from the conflict in Ukraine held in guard investors.

Meanwhile, oil prices extended gains on Friday to the end of a volatile third week and Brent crude oil futures rose 1%, to $ 107.78 a barrel at 10:03 GMT.

In Dubai, the leading index fell 1.7%, closing the second consecutive losing session. Financials and industrials were among the biggest losers.

Shares of Air Arabia fell 6.5%, the largest decline in the index. Earlier this month, the airline said it plans to continue operating Russian flights as long as they are legal.

Shares of Emirates NBD and Shuaa Capital fell by more than 5% each.

Blue chip Emaar Properties fell 2.8%. Earlier in the day, the company’s board of directors approved a plan to increase its stake in Emaar Development.

The Abu Dhabi index closed today, Friday, stable, posting a weekly gain of 0.6%.

Shares of Emirates Telecommunications Group (Etisalat) were up 1.3% after the company announced the acquisition of a controlling stake in StarzPlay Arabia.

Abu Dhabi Islamic bank rose 0.9%.

Read More About: Business News