Stock markets in the United Arab Emirates ended mostly subdued on Friday as investors held a cautious stance ahead of a key U.S. jobs data, which could likely shape the size and pace of the Federal Reserve’s interest rate cuts.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is usually guided by the Fed’s policy decision because most regional currencies are pegged to the U.S. dollar.
The U.S. non-farm payrolls data for August is due at 1230 GMT.
Abu Dhabi’s main share index fell 0.3%, fuelled by a sell-off across the board, including in the financial, telecoms and petrochemicals sectors.
First Abu Dhabi Bank, the country’s largest lender, shed 0.4% and telecoms firm e&, formerly known as Emirates Telecommunications, lost 1.4%.
Petrochemical company Borouge fell more than 3% as shares traded ex-dividend.
Most Gulf markets edge higher ahead of US data
Meanwhile, the initial public offering (IPO) of NMDC Energy, part of Abu Dhabi-listed NMDC Group, was more than 31 times oversubscribed when the offer closed on Thursday, state news agency WAM reported.
NMDC Energy shares are scheduled to begin trading on Sept. 11 on the Abu Dhabi exchange.
The index, however, posted a weekly gain of 1.8%.
In Dubai, the main share index closed flat but logged a fourth consecutive weekly gain. The blue-chip developer Emaar Properties fell 0.8%, while Emirates NBD Bank was up 0.3%.
------------------------------------------ ABU DHABI fell 0.3% to 9,448 points DUBAI ended flat at 4,373 points ------------------------------------------
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