UAE stocks gain on US inflation data, rate cut hopes
Shafaq News/ On Friday, stockmarkets in the United Arab Emirates edged higher, supported by positiveinvestor sentiment following favorable US inflation data and risingexpectations of a potential rate cut by the Federal Reserve.
The improvement in sentiment wasdriven by US data indicating a moderation in inflation alongside strong retailspending.
In the Gulf Cooperation Council(GCC) region, which includes the UAE, monetary policy is guided by the FederalReserve due to the pegging of most regional currencies to the US dollar.
In Dubai, the main share indexclimbed 0.6%, marking its third consecutive session of gains. Emirates NBD Banksaw a modest increase of 0.3%, while Watania International Holding surged 14.3%after announcing quarterly profits.
Conversely, Emaar Properties, aleading blue-chip developer, declined by 1.8%.
Abu Dhabi's benchmark index alsoposted its third straight session of gains, rising 0.5%, with conglomerateInternational Holding Company up 0.9% and ADNOC Distribution up 2.6%.
For the week, Dubai’s index recordeda slight decline of 0.2%, while Abu Dhabi’s index gained 1.4%.
