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(Corrected typo in title, text unchanged) By Ateeq Shariff June 9 (Reuters) – United Arab Emirates stocks edged higher on Friday after the Federal Reserve was widely expected to pause interest rate hikes, despite falling oil prices and price gains. limited. Dubai’s main stock index rose 0.3 percent, the Gulf Nautical Index rose 5.9 percent and Shariah-compliant Dubai Islamic Bank rose 1.1 percent. The Dubai index rose 2.7% for the second week in a row. Most Gulf currencies are pegged to the dollar, and any monetary policy changes in the U.S. are usually followed by Saudi Arabia, the United Arab Emirates and Qatar. The Fed’s next rate-setting meeting will be held on June 13-14. In Abu Dhabi, the index rose 0.2%. However, the Abu Dhabi Stock Exchange fell 0.4 percent for the sixth straight week. Oil prices – the main catalyst for financial markets in the Gulf region – looked set to fall for a second week in a row as prices continued to fall on concerns over Chinese demand and skepticism over reports that the U.S. and Iran were close to a deal. nuclear deal. Abu Dhabi up 0.2% to 9,369 Dubai up 0.3% to 3,699 (Reporting by Ateeq Shariff, Bangalore; Editing by Nick Macfie)
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