UAE bourses end mixed, extend weekly losses

24 Jun, 2022

Stock markets in the United Arab Emirates were mixed on Friday, as hopes that declines in copper and other commodities could put a brake on runaway inflation eased economic growth concerns.

In Abu Dhabi, the equities eased 0.1%, with the country’s biggest lender First Abu Dhabi Bank losing 0.3%.

The index fell 2.3% in the week to June 24, down for a third week in a row.

The week has been marked by steep declines in commodities on concern that interest rate hikes will hurt growth, which is prompting traders to pare back some bets.

Copper, a bellwether for economic output with its wide range of industrial and construction uses, is heading for its steepest weekly drop since March 2020, and is down more than 7% for the week. It also fell in London and Shanghai on Friday.

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The main share index in Dubai added 0.1%, helped by a 1.4% rise in blue-chip developer Emaar Properties.

However, the index registered a weekly loss of 1.8%, its third week of losses.

Oil prices, a key catalyst for the Gulf’s financial markets, rose by more than $1 a barrel supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.

=================================ABU DHABI     fell 0.1% to 9,238DUBAI         rose 0.1% to 3,202=================================
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