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UAE bourses end mixed, extend weekly losses

Kitco News

June 24 (Reuters) - 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 (.FTFADGI) eased 0.1%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) 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.

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

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
(.FTFADGI) fell 0.1% to 9,238
DUBAI
(.DFMGI) rose 0.1% to 3,202
Reporting by Ateeq Shariff in Bengaluru; Editing by Shinjini Ganguli
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