Stock markets in the United Arab Emirates were mixed on Friday, with Dubai's benchmark index rising ahead of U.S. jobs data as investors expect the figures will sway the Federal Reserve to pause rate hikes, while Abu Dhabi fell.
Economists polled by Reuters expect 170,000 more workers on non-farm payrolls in August as a flurry of recent employment-related data has suggested the labour market is starting to slow. The data is due later in the day.
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) settled 0.2% higher, helped by gains in financial and utilities stocks, while Abu Dhabi's benchmark index (.FTFADGI) retreated 0.2%.
Oil prices , the key contributor to Gulf economy, also extended gains to a fourth session, boosted by expectations of tightening supplies.
UAE's top lender Emirates NBD Bank (ENBD.DU) jumped 2.1% and Dubai Electricity and Water Authority (DEWAA.DU) added 1.2%, propping up the Dubai index.
Meanwhile, International Holding Company (IHC.AD) and IHC-owned investment firm Alpha Dhabi Holding (ALPHADHABI.AD) were the key drags on the Abu Dhabi index, declining 0.5% and 0.8%, respectively.
However, Abu Dhabi's largest developer Aldar Properties (ALDAR.AD) rose 1.2% after its Egyptian unit Sixth Of October Development And Investment (SODIC) (OCDI.CA) announced plans for expansion with two Nobu-branded hotels, restaurants, and residences.
No comments:
Post a Comment