UAE stock markets fell on Friday, pressured by industrial and banking companies, with Dubai's main index marking its second straight session of losses.
UAE stocks tracked global stock markets, which took a breather on Friday after several days of sizeable gains, as geo-political tensions arising from the Ukraine conflict kept investors on guard. Meanwhile, oil prices extended gains on Friday at the end of a third volatile week of trade, as Brent crude futures rose 1% to $107.78 a barrel at 1003 GMT.
In Dubai, the main share index fell 1.7%, ending its second session of losses in a row.
Financial and industrial stocks were among the big losers. Air Arabia declined 6.5% and was the biggest drag to the index. Earlier this month, the carrier said it plans to continue to operate Russia flights as long as they are legal. Financial Emirates NBD Bank and Shuaa Capital dropped more than 5% each.
The blue-chip developer Emaar Development fell 2.8%. Earlier in the day, the board of Emaar Properties approved a plan to increase its shareholding in Emaar Development. Abu Dhabi's index ended flat on Friday, and posted a weekly gain of 0.6%. "The Abu Dhabi stock market is seeing some corrections as investors price in the uncertainties on the oil markets," wrote Miguel Rodriguez, chief market analyst at CAPEX.com.
Emirates Telecommunications Group Company gained 1.3% following its announcement to acquire a controlling stake in Starzplay Arabia.
Abu Dhabi Islamic Bank added 0.9% after shareholders approved an annual dividend of 31.11 fils per share. ABU DHABI was flat at 9,606 points DUBAI down 1.7% to 3,350 points.
(Reporting by Karina Dsouza in Bengaluru; Editing by Amy Caren Daniel)