28.3 C
Dubai
Saturday, November 23, 2024
spot_img

UAE shares rise despite oil weakness, rate hike bets

[ad_1]

June 23 (Reuters) – United Arab Emirates (UAE) shares ended higher on Friday as investors fretted over weaker global growth and more aggressive interest rate hikes, and seemed to shrug off lower oil prices.

Fed Chair Jerome Powell said on Thursday that the central bank will act interest rate As policymakers approach the stopping point of their historic bout of monetary policy tightening, they will act “cautiously”.

Most Gulf currencies are pegged to the dollar, and any monetary policy changes in the United States are usually followed by the United Arab Emirates, Saudi Arabia and Qatar.

Meanwhile, crude prices, the main driver of the Gulf economies, fell for a second day on Friday and were on track for a weekly loss, with Brent down 91 cents to a barrel by 1110 GMT $73.23, down 1.2%.

In Dubai, the benchmark index (.DFMGI) DEWA shares rose 1.9%, leading shares up 0.4% (DEWAA.DU) Emirates NBD Bank rose 1.1% (ENBD.DU)the largest lending institution in Dubai.

Blue chip developer Emaar Properties (Emma. You) rose 0.8%.

The Dubai index edged up 0.1% for the week, its third straight weekly gain.

Abu Dhabi Index (.FTFADGI) rose 0.3 percent, its sixth straight session of gains, helped by a more than 1 percent rate hike by the country’s largest lender, Abu Dhabi First Bank (FAB.AD) Alpha Dhabi Holding rose 3.1% (ALPHADHABI.AD).

The index rose 1.2% for the second straight week.

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Alexander Smith

Our standards: Thomson Reuters Trust Principles.

[ad_2]

Source link

Related Articles

UAE Operation ‘Chivalrous Knight 3’: Over 121 Aid Shipments Delivered to Gaza Amid Humanitarian Efforts

UAE has reinforced its dedication to humanitarian relief through the ongoing effort known as Operation ‘Chivalrous Knight 3.’   This initiative has seen the UAE dispatch...

With an eye towards its IPO on Nasdaq and Euronext, AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets...

AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets (GEM) About AAD Invest Group – Nov 2024 Founded in January 2024...

UAE Strengthens Global Ties: President Welcomes Qatari Prime Minister, While Crown Prince Leads at G20 in Brazil

UAE is making significant strides in strengthening its international relations, with recent diplomatic activities highlighting the country's growing influence on the global stage. In a...

Abu Dhabi Crown Prince Leads Strategic Talks at G20: Strengthening UAE-Brazil Relations for a Prosperous Future

Abu Dhabi’s Crown Prince, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, is currently in Brazil to participate in the G20 Summit, a...

From Seed to Superfoods The Inspiring Journey of Bharat Budhiraja and Urbana Superfoods

In a world teeming with fast-paced food trends, Bharat Budhiraja is charting a unique path with his brand, Urbana Superfoods, owned by Krish Perennials Pvt....

Latest Articles