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May 19 (Reuters) – United Arab Emirates shares ended lower for a second straight session on Friday as investors remained cautious amid volatile energy markets.
Meanwhile, Middle East crude benchmarks posted losses for a second straight week, as sentiment remained fragile despite a slow start to physical trading.
U.S. inflation does not appear to be cooling fast enough for the Fed to pause rate hikes, two Fed officials say Policy makers.
Abu Dhabi Benchmark Index (.FTFADGI) Conglomerate Alpha Dhabi Holding fell 0.3 percent, extending losses from the previous session. (ALPHADHABI.AD) fell 2.8 percent, while First Abu Dhabi Bank, the largest bank in the UAE, (FAB.AD) down 1.9%.
Dubai’s benchmark index (.DFMGI) Ends down 0.3 percent, dragged down by toll firm Salik Company down 2 percent (Salik. You) The largest bank, Emirates NBD Bank, fell 1.1% (ENBD.DU).
However, takaful insurer Islamic Arab Insurance jumped 2.6 percent after the company named Walter Jopp as chief executive.
Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said Dubai stocks continued to feel pressure from investors to secure gains, however, improving global sentiment could push the market back towards fresh gains.
Reporting by Mohd Edrees in Bengaluru; Editing by Shweta Agarwal
Our standards: Thomson Reuters Trust Principles.
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