Mideast Stocks: UAE markets fall on weak oil prices

Mideast Stocks: UAE markets fall on weak oil prices

Stock exchanges in the United Arab Emirates closed lower on Friday on volatile oil prices after OPEC+ producers agreed to voluntary oil output cuts for early next year that fell short of market expectations.

Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, agreed to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024. Brent crude, a key catalyst for financial markets in the Gulf, was trading 0.2% lower at $80.84 a barrel by 1141 GMT.

Abu Dhabi's main index was down 0.2%, snapping a three-session winning streak, with IHC-owned conglomerate Alpha Dhabi Holding losing 2.5% and investment firm Multiply Group falling 3.1%. Meanwhile, Abu Dhabi's PureHealth Holding announced plans to raise 3.62 billion dirhams ($985.81 million) from the sale of a 10% stake through a public share sale.

Dubai's benchmark index settled 0.1% lower, dragged down by a 0.9% fall in toll operator Salik Company, while market heavyweights Emaar Properties and Emirates NBD Bank declined 0.5% and 0.6% respectively. The Dubai stock market remained under some pressure as caution dominated ahead of a talk later in the day by Federal Reserve Chair Jerome