March 15 (Reuters) - Stock markets in United Arab Emirates declined on Friday, in line with global equities after a bigger-than-expected hike in U.S. inflation dashed hopes of early rate cut.
MSCI'S global equity index (.MIWD00000PUS), opens new tab was down 0.2%, while Hong Kong's Hang Seng Index (.HSI), opens new tab slid 1.4%.
The mood turned cautious after a bigger-than-expected rise in producer prices in U.S. data on Thursday added to a hot consumer inflation reading earlier in the week.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab dropped 0.4%, breaking two sessions' gains, weighed down a 6.5% decline in UAE's third largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, while IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab lost 2.2%.
However, National Corp For Tourism And Hotels (NCTH.AD), opens new tab jumped 2.8% after the firm offered to acquire entire stake held by Alpha Dhabi Holding's subsidiaries in ADH Hospitality, Murban (BVI) Holding And Hill View Resorts (Seychelles).
Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab shares closed 0.4% up.
Oil price - a key catalyst for Gulf's financial markets - was 0.4% down to $85.06 a barrel by 1116 GMT
Dubai's main index (.DFMGI), opens new tab settled 0.7% lower, snapping three sessions of a rally, dragged down by a 1.9% decrease in Dubai Islamic Bank (DISB.DU), opens new tab and a 5.6% drop in Emaar Development (EMAARDEV.DU), opens new tab.
However, Union Properties (UPRO.DU), opens new tab surged 10.3%, hitting over 5-months high after Dubai Financial Market transferred company's listing to first category from second category.
Separately, Dubai's Parkin, which oversees public parking operations in the Emirates, has raised 1.57 billion dirhams ($427.5 million) after pricing its IPO at the top of its range at 2.1 dirhams per share on Thursday. Parkin is expected to start trading on March 21.
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Reporting by Mohd Edrees in Bengaluru; Editing by Alison Williams
