Stock markets in the United Arab Emirates closed lower on Friday ahead of remarks from the U.S. Federal Reserve Chair at a central bankers’ conference in Jackson Hole. Fed Chair Jerome Powell is scheduled to speak at 1405 GMT and investors will be looking for clarity on whether the central bank intends to hold interest rates higher for longer.
Most Gulf Cooperation Council countries (GCC), including the UAE, have their currencies pegged to the dollar and generally follow the Fed’s policy moves.
Dubai’s benchmark index ended 0.2% lower, snapping a six-session winning streak, dragged down by a 1.4% drop in Emaar Properties and a 1.6% fall in Emirates Central Cooling. National Central Cooling fell 3.2%, making it the biggest loser on the benchmark, while Emirate’s largest lender Emirates NBD eased 0.3%. However, the index was up 1.2% for the week after two consecutive weekly losses.
In Abu Dhabi, the index fell 0.1% on Friday and was down 0.4% for the week. State oil giant Abu Dhabi National Oil Company’s drilling unit ADNOC Drilling and gas unit ADNOC Gas slipped 2.6% and 1.4%, respectively.
Abu Dhabi Commercial Bank, the UAE’s third-biggest lender, lost 0.7%.
- ABU DHABI fell 0.1% to 9,765
- DUBAI dropped 0.2% to 4,099
Source : Zawya