Abu Dhabi stocks fall as oil drops

Abu Dhabi index closed lower on Friday, slipping off its record highs in line with oil prices as weak corporate earning sapped investors' appetite, while the Dubai index bucked the trend.

Crude prices, a key catalyst for the Gulf's financial markets, fell more than $1 to $98.26 on Friday as Organisation of the Petroleum Exporting Countries (OPEC) cut its forecast for growth in world oil demand in 2022 by 260,000 barrels per day (bpd).

The Abu Dhabi index closed 0.6 per cent lower, snapping its 5-day gaining streak as conglomerate International Holding Company dropped 1.4 per cent and Emirate's largest lender First Abu Dhabi Bank decreased 0.8 per cent.