May 18, 2022

Dubai Week

Complete Dubai News World

UAE markets fell as banking and industrial stocks plunged

UAE markets fell as banking and industrial stocks plunged

Stock markets plummetedEmirati Today, Friday, under pressure Companies Industrial and Banking, by code Dubai The main losses of the second consecutive session.

The shares went upEmirati Following the footsteps of global stock markets, which fell after several days of huge gains on Friday, geopolitical tensions erupted from the conflict in Ukraine awaited investors.

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

In Dubai, the benchmark index fell 1.7%, ending the second consecutive loss. Financial and industrial stocks suffered the biggest losses.

Shares of Air Arabia fell 6.5%, the biggest drop in the index. Earlier this month, the company said it planned to continue operating Russian flights until they were legal.

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

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

The Abu Dhabi index was flat today with a weekly gain of 0.6% on Friday.

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

Abu Dhabi Islamic Bank rose 0.9%.

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