MIDEAST STOCKS-Dubai declines over new tariff threats, oil holds Abu Dhabi
By Mohd Edrees
March 14 (Reuters) - Dubai's index declined on Friday, driven by losses in heavyweight real estate sector stocks as U.S. President Donald Trump's latest tariff threats made investors nervous, while Abu Dhabi bucked the trend to close higher.
In the latest in a long list of tariff threats, Trump said he would hit European beverage imports with duties of 200% if the EU does not remove U.S. whiskey surcharges.
Dubai's main index .DFMGI fell 0.9% after two sessions of gains, with blue-chip developer Emaar Properties EMAR.DU and its construction arm Emaar Development EMAARDEV.DU falling 2.2% and 2.8% respectively.
Among the losers, Commercial Bank of Dubai CBD.DU slid 6.1% as the stock went ex-dividend.
However, Dubai Investments DINV.DU jumped 4.4% after the firm raised its full-year dividend by 44% to 18 fils a share.
Abu Dhabi's benchmark index .FTFADGI edged up 0.1%, supported by a 1.1% rise in largest lender First Abu Dhabi Bank FAB.AD and a 1.4% hike in Emirates Telecommunication Group (know as E& Group) EAND.AD.
On Thursday, Gulf Cement GCEM.AD received an offer from TC Mena Holdings to acquire up to 100% stake in the company at AED 0.56 per share.
Gulf cement stock closed 1.8% higher.
Oil prices - a key catalyst for Gulf's financial market - rebounded on Friday due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets.
Brent crude LCOC1 was up 1% at $70.57 a barrel by 1130 GMT. O/R
Oil prices continue to play a crucial role in the potential ongoing recovery of the Abu Dhabi market, having reached and paused at key support levels, said Hani Abuagla Senior Market Analyst at XTB MENA.
He further said that any rebound in oil prices could provide positive momentum for the market.
Dubai and Abu Dhabi indexes recorded their fourth consecutive week of losses, declining 1.6% and 0.3% respectively, according to LSEG.
ABU DHABI | .FTFADGI up 0.1% to 9,419 points |
DUBAI | .DFMGI down 0.9% to 5,141 points |
($1 = 3.6724 UAE dirham)
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