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UAE shares rise despite oil weakness, rate hike bets


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.


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