ABU DHABI added 0.2% to 9,654 DUBAI rose 0.8% at 3,498 QATAR closed EGYPT closed BAHRAIN closed OMAN closed SAUDI ARABIA closed KUWAIT closed
(Reporting by Md Manzer Hussain; Editing by Janane Venkatraman)
By Md Manzer Hussain
April 24 (Reuters) - Stock markets in the United Arab
Emirates (UAE) ended higher on Monday on the expectation that
the U.S. 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.
Most Gulf Cooperation Council countries, including the UAE,
have their currencies pegged to the U.S. dollar and follow the
Fed's policy moves closely, exposing the region to the direct
impact of monetary tightening in the world's largest economy.
Dubai's benchmark index ended its two sessions'
losses, trading 0.8% higher helped by gains in all sectors.
Cooling services provider Emirates Central Cooling surged 3% and tolls operator Salik gained 1.8%.
In Abu Dhabi, the index inched up 0.2%, snapping
two sessions of losses, lifted by a 2.9% climb in Adnoc Gas and a gain of 2.2% in Abu Dhabi Islamic
Bank .
First Abu Dhabi Bank , the largest lender in the
United Arab Emirates, added 0.5%.
ABU DHABI added 0.2% to 9,654 DUBAI rose 0.8% at 3,498 QATAR closed EGYPT closed BAHRAIN closed OMAN closed SAUDI ARABIA closed KUWAIT closed
ABU DHABI added 0.2% to 9,654 DUBAI rose 0.8% at 3,498 QATAR closed EGYPT closed BAHRAIN closed OMAN closed SAUDI ARABIA closed KUWAIT closed
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