[ad_1]
March 31 (Reuters) – United Arab Emirates shares fell on Friday as investors awaited key U.S. inflation data due later in the day for clues on future interest rate moves by the Federal Reserve.
A record monthly drop in euro zone inflation raised investors’ expectations for similar U.S. data later in the day.this Eurozone Inflation Data Consumer prices rose 6.9% in March after rising 8.5% in February, the data showed.
Most Gulf Cooperation Council (GCC) countries, including the United Arab Emirates, have their currencies pegged to the U.S. dollar and typically follow the Fed’s policy moves, leaving the country directly exposed to the Fed’s monetary tightening.
In Dubai, the main stock index (.DFMGI) It fell 0.6 percent, snapping a three-day winning streak, with real estate and financials leading losses. The index posted a quarterly gain of 2.1%, but fell 0.9% on a monthly basis.
Blue chip developer Emaar Properties (EMAR. YOU) down 2.1 percent, Dubai Islamic Bank (DISB.DU) and invest in dubai (DINV. YOU) They slipped 2.4 percent and 2.1 percent, respectively.
Shares of Amanat Holding also rose more than 1 percent after announcing the launch of its new healthcare platform Amanat Healthcare and plans to explore a regional IPO of the new entity in the near future.
Abu Dhabi Index (.FTFADGI) Also down 0.5 percent, dragged down by a 1.8 percent decline in First Abu Dhabi Bank (FAB.AD)the United Arab Emirates’ largest bank, Alpha Dhabi Holding fell 0.9 percent (ALPHADHABI.AD).
The index posted its biggest quarterly drop since the first quarter of 2020, falling 7.7%.
Reporting by Shamsuddin Mohd in Bengaluru; Editing by Jane Harvey
Our standards: Thomson Reuters Trust Principles.
[ad_2]
Source link
