Abu Dhabi’s stock index closed lower on Friday on weaker oil prices, although it was 2022’s best performer among the Gulf Cooperation Council countries.

Brent crude, a key catalyst for the Gulf’s financial market, was down 15 cents at $83.29 a barrel by 1141 GMT, as a spike in China’s COVID cases hurt the demand outlook.

The index finished the year with a more than 20% gain, after hitting an all-time high in early November.

On the day, Abu Dhabi equities retreated 0.7%, weighed down by a 2.2% fall in the country’s largest lender First Abu Dhabi Bank, while real estate developer Aldar Properties slipped 1.6%.

However, Emirates Driving Company rose 2.3% after it declared a 15 fils-a-share cash dividend for the fourth quarter on Wednesday.

Most Gulf markets end higher on China optimism

Dubai’s main share index closed 0.2% higher, with state-run Emirates Central Cooling Systems Corporation jumping 2.2%.

Among other stocks, Dubai Islamic Insurance & Reinsurance Company surged 7.3% after the company said it was disposing its insurance portfolio of motor, medical, non-motor and group life insurance business to Arab Islamic Insurance for AED 15 million ($4.08 million).

Shares of Arab Islamic Insurance were down 3.5%.

================================== ABU DHABI    down 0.7% to 10,189 DUBAI        up 0.2% to 3,336==================================