UAE bourses end mixed, extend weekly losses
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.
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.
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.