Emirates News Agency – UAE stocks hit by Fed’s aggressive efforts to curb inflation

ABU DHABI, 22nd September, 2022 (WAM) — The Abu Dhabi Exchange closed almost flat on Thursday while the Dubai Financial Market closed down 0.775%, with blue-chip developer Emaar Real Estate closing at AED6.45 from earlier Reduced to AED 12.700 at AED 6.290 a day and Shariah compliant lender Dubai Islamic Bank. DEWA also fell 1.540% to AED2.55.

On the Capital Exchange, which closed down 0.003% at 10,093.630 points, Abu Dhabi Ports was the best performer, closing up 15.00% at AED5.980, followed by the National Hotels and Tourism Company at AED2.350, up from AED2.350. The last close was up 9.810%. Meanwhile, ASMAK-traded International Holdings (IHC.AD) edged down to AED358.900, Abu Dhabi Commercial Bank fell 2.590% to AED9.030 and Aldar Properties closed down 1.950% to AED4. 530.

Globally, Wall Street’s main indexes fell on Thursday, their third straight session of losses, as investors worried that the Federal Reserve’s aggressive approach to controlling inflation could trigger a recession.