Stock markets in the United Arab Emirates ended Friday on a mixed note, as investors held their breath ahead of crucial US jobs data, which could offer valuable insights into the Federal Reserve's upcoming interest rate decisions.
The closely watched U.S. nonfarm payrolls report at 8:30 a.m. U.S. Eastern time (1330 GMT) is forecast to show a rise of 160,000 in jobs in December, while unemployment holds at 4.2%.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab rebounded on Friday, rising 0.4% after declining in the previous session. The index was propelled by gains in the banking sector, led by a 1.1% surge in First Abu Dhabi Bank (FAB.AD), opens new tab, the country's largest lender, and a 2.8% jump in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab.
In Dubai, the main share index (.DFMGI), opens new tab closed unchanged, as gains in property stocks were counterbalanced by declines in financial and telecom stocks.
Emirates NBD Bank (ENBD.DU), opens new tab, the emirate's largest lender, slipped 0.2%, while Emirates Telecom (E&) (EAND.AD), opens new tab fell 0.7%. Conversely, blue-chip developer Emaar Properties (EMAR.DU), opens new tab rose 1.6%.
The Abu Dhabi and Dubai indexes posted weekly gains of 1.9% and 2%, respectively.
The UAE stock markets traded mixed as investors cautiously awaited the highly anticipated US Non-Farm Payroll (NFP) data, said Joseph Dahrieh, Managing Principal at Tickmill. However, markets maintained their positive weekly momentum, reinforcing their bullish trend, he added.
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