ABU DHABI up 0.7% to 9,623 DUBAI rose 0.1% to 3,492
(Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)
By Ateeq Shariff
April 14 (Reuters) - Stock markets in the United Arab Emirates ended higher on Friday on
speculation the Federal Reserve is nearing the end of its monetary policy tightening cycle.
Investors were betting that the Fed would only raise rates one more time in its rate-hiking
campaign, after U.S. producer price data and labour market data on Thursday pointed to inflation
cooling. This came after CPI data on Wednesday showed a small rise in U.S. consumer prices in
March.
Most Gulf Cooperation Council countries, including the United Arab Emirates, have their
currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the
region to a direct impact from monetary tightening in the world's largest economy.
Dubai's benchmark index gained 0.1%, helped by a 0.8% rise in blue-chip developer
Emaar Properties .
The index posted its fourth weekly gain of 2.4%, its biggest weekly gain since September.
However, the index's losses were limited by a 1.7% slide in Salik as the toll
operator traded ex-dividend.
In Abu Dhabi, the index finished 0.7% higher, with conglomerate International
Holding advancing 0.8%.
Oil prices - a key catalyst for the Gulf's financial markets - rose after the West's energy
watchdog said it expected global demand to rise to a record high this year on the back of a
recovery in Chinese consumption.
ABU DHABI up 0.7% to 9,623 DUBAI rose 0.1% to 3,492
ABU DHABI up 0.7% to 9,623 DUBAI rose 0.1% to 3,492
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