United Arab Emirates stock exchanges ended higher on Friday, tracking global equities after U.S.Federal Reserve chair indicated that rate cuts might start within months.
The MSCI All-Country stock index (.MIWD00000PUS), opens new tab was up 0.9%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab gained 0.4%.
Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was "not far" from gaining the confidence it needs in falling inflation to begin cutting interest rates.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.
Dubai's main index (.DFMGI), opens new tab rose 0.4%, lifted by a 2.5% jump in Emirates Central Cooling System Corporation (EMPOWER.DU), opens new tab, while Dubai's blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.7%.
The slight rebound on Dubai's stock market followed strong declines early this week.
Daniel Takieddine, CEO MENA at BDSwiss, said strong real estate stocks could help drive the market higher.
Among the gainers on Friday, Commercial Bank of Dubai (CBD.DU), opens new tab gained 3.5% after the board elected Ahmad Abdulkarim Mohammad Julfar as chairman.
Dubai index lost 2.4%, its steepest weekly decline since Oct. 20 last year, LSEG data showed.
After trading down for almost the whole session, Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed 0.1% higher, helped by a 1.7% rise in Emirates Telecommunication Group (also know as E&)(EAND.AD), opens new tab, as well as a 0.7% gain in utility giant Abu Dhabi National Energy Company (TAQA.AD), opens new tab.
Abu Dhabi National Hotel (ADNH.AD), opens new tab also gained 1.5% after it reached agreement to acquire Compass Group International's entire stake in their joint ventures operating UAE.
Separately, Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings (HSBA.L), opens new tab, Citigroup (C.N), opens new tab and First Abu Dhabi Bank (FAB.AD), opens new tab, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.
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