#UAE shares end lower ahead of Powell's speech | Reuters

UAE shares end lower ahead of Powell's speech | Reuters

Stock markets in the United Arab Emirates closed lower on Friday ahead of remarks from the U.S. Federal Reserve Chair at a central bankers' conference in Jackson Hole.

Fed Chair Jerome Powell is scheduled to speak at 1405 GMT and investors will be looking for clarity on whether the central bank intends to hold interest rates higher for longer.

Most Gulf Cooperation Council countries (GCC), including the UAE, have their currencies pegged to the dollar and generally follow the Fed's policy moves.

Dubai's benchmark index (.DFMGI) ended 0.2% lower, snapping a six-session winning streak, dragged down by a 1.4% drop in Emaar Properties (EMAR.DU) and a 1.6% fall in Emirates Central Cooling (EMPOWER.DU).

National Central Cooling (TABR.DU) fell 3.2%, making it the biggest loser on the benchmark, while Emirate's largest lender Emirates NBD (ENBD.DU) eased 0.3%.

However, the index was up 1.2% for the week after two consecutive weekly losses.

In Abu Dhabi, the index (.FTFADGI) fell 0.1% on Friday and was down 0.4% for the week.

State oil giant Abu Dhabi National Oil Company's drilling unit ADNOC Drilling (ADNOCDRILL.AD) and gas unit ADNOC Gas (ADNOCGAS.AD) slipped 2.6% and 1.4%, respectively.

Abu Dhabi Commercial Bank, the UAE's third-biggest lender, lost 0.7%.