UAE stocks slide as oil drops on supply jitters

About this update from Americana Restaurants International Plc

By Mohd Edrees Stock exchanges in United Arab Emirates declined on Friday, tracking weaker oil prices as concerns about rising global supply from major producers dampened investor sentiment.OPEC+ is leaning towards a modest output boost in December, sources familiar with the talks said ahead of the group's meeting on Sunday.The eight OPEC+ members have boosted output targets by a total of over 2.7 million barrels per day - or about 2.5% of global supply - in a series of monthly increases.Brent crude (LCOC1) was down 0.4% to $64.74 a barrel by 1051 GMT. Abu Dhabi's benchmark index ADX:FADGI slumped 1.1%, its steepest decline in over a month, pressured by a 3.8% drop in biggest developer Aldar Properties ADX:ALDAR and a 3.2% fall in UAE's third biggest lender Abu Dhabi Commercial Bank ADX:ADCB. Americana Restaurants International ADX:AMR, which operates U.S. fast food brands in the Middle East, plummeted 5% after reporting Q3 profit below the $54.6 million analysts' estimate.Dubai's main market DFM:DFMGI settled 0.8% down, snapping three-sessions gains, weighed down by a 2.7% decrease in blue-chip developer Emaar Properties DFM:EMAAR, while state-run Dubai Electricity and Water Authority DFM:DEWA slid 2.5%.Separately, Dubai-owned ports and logistics company DP World has pledged to invest an additional $5 billion in India to strengthen its integrated supply chain network, the company said in a statement on Thursday.Abu Dhabi stocks logged a 1% weekly loss, while Dubai's benchmark index slipped 0.1% for the week after four consecutive weeks of gains, according to LSEG data.ABU DHABIADX:FADGI lost 1.1% to 10,100DUBAIDFM:DFMGI down 0.8% to 6,059

View stock analysis, news, and events for Americana Restaurants International Plc