(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Jan Harvey)
By Shamsuddin Mohd
March 31 (Reuters) - Stock markets in the United Arab
Emirates fell on Friday as investors awaited key U.S. inflation
data due later in the day for clues on future interest rate
moves by the U.S. Federal Reserve.
A record monthly drop in the euro zone's inflation rate has
raised investors' expectations for similar U.S. data later in
the day. The euro zone inflation numbers showed consumer prices
rising 6.9% in March after an 8.5% increase in February.
Most Gulf Cooperation Council countries (GCC), including the
United Arab Emirates, have their currencies pegged to the dollar
and generally follow the Fed's policy moves, exposing the
country to a direct impact from any Fed monetary tightening.
In Dubai, the main share index fell 0.6%, ending a
three day rally, with real estate and financial stocks leading
the losses. The index logged quarterly gains of 2.1%, but was
down 0.9% on monthly basis.
The blue-chip developer Emaar Properties dropped
2.1% and Dubai Islamic Bank and Dubai Investments slid 2.4% and 2.1% respectively.
Amanat Holding also gained more than 1% after it announced
the launch of its new healthcare platform Amanat Healthcare and
plans to explore a regional IPO of the new entity in the near
term.
Abu Dhabi's index also lost 0.5%, dragged down by
a 1.8% slide in First Abu Dhabi Bank , the United Arab
Emirates' biggest lender, and a 0.9% decline in Alpha Dhabi
Holding .
The index headed for its biggest quarterly loss since the
first quarter of 2020, of 7.7%.
ABU DHABI fell 0.5% to 9,430 points
DUBAI lost 0.6% to 3,407 points
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.