Even though it was the best-performing nation in the Gulf Cooperation Council for 2022, Abu Dhabi index drops the day on Friday with a negative closing due to falling oil prices.
By 1141 GMT, Brent crude, a major driver of the Gulf’s financial market, was down 15 cents at $83.29 per barrel as an increase of COVID cases in China harmed expectations for demand.
The index reached an all-time high in early November and gained more than 20% by year’s end.
On the day, Abu Dhabi equities fell 0.7%, hurt by a 2.2% decline in the nation’s largest lender First Abu Dhabi Bank and a 1.6% decline in property developer Aldar Properties.
However, Emirates Driving Company increased 2.3% following its announcement on Wednesday of a cash dividend of 15 fils per share for the fourth quarter.
On China’s optimism, the majority of Gulf markets close higher.
The state-run Emirates Central Cooling Systems Corporation’s gains of 2.2% contributed to Dubai’s main stock index’s 0.2% gain at the close.
Among other stocks, Dubai Islamic Insurance & Reinsurance Company saw a 7.3% increase after the company announced it was selling its insurance portfolio to Arab Islamic Insurance for AED 15 million ($4.08 million), which includes group life, medical, and non-motor insurance business.
Arab Islamic Insurance’s shares decreased by 3.5%.
