Bourses in the United Arab Emirates ended lower on Friday, as oil prices extended losses after OPEC+ increased production targets by slightly more than planned.

OPEC+, the Organization of the Petroleum Exporting Countries and allies, agreed on Thursday to boost output by 648,000 barrels per day (bpd) in July - or 0.7% of global demand - and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.

In Abu Dhabi, the index declined by 0.2%, with the country’s largest lender First Abu Dhabi Bank dropping 1%, registering a third day of losses.

Shares in Borouge closed at 3 dirhams, more than 22% up from an initial public offering price of 2.45 dirhams per share, Refinitiv Eikon data showed.

Major Gulf bourses track global shares, oil prices lower

Borouge had raised more than $2 billion after demand for its IPO topped $83.4 billion, making it the biggest IPO yet in Abu Dhabi.

The Abu Dhabi index posted a weekly gain of 1.5%.

Dubai’s main market index, closed 0.3% lower, weighed down by a 1.2% fall in Sharia-compliant lender Dubai Islamic Bank.

Elsewhere, blue-chip developer Emaar Properties slipped 0.3% despite S&P Global’s upgrading its rating to ‘BBB-’ on strong performance.

The Dubai index posted weekly gain of 2.7%, ending four weeks of losses.

ABU DHABI down 0.2% to 9,837

DUBAI 0.3% to 3,387