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June 9 (Reuters) – United Arab Emirates stocks edged higher on Friday ahead of the Federal Reserve’s pause in raising interest rates, although lower oil prices capped gains.
Dubai main stock index (.DFMGI) Gained 0.3 percent led by Gulf Shipping’s 5.9 percent gain (navigation.you) Sharia-compliant lender Dubai Islamic Bank up 1.1% (DISB.DU).
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 (.FTFADGI) 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 continue to fall Concerns about Chinese demand and skepticism over reports U.S. and Iran are close to a deal nuclear deal.
(This story has been refiled to fix a typo in the title)
Reporting by Ateeq Shariff in Bengaluru; Editing by Nick McPhee
Our standards: Thomson Reuters Trust Principles.
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