UAE markets drop after Fed officials signal March rate hike

irroring weakness in Asian peers

  
An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

REUTERS/Satish Kumar

Stock markets in the United Arab Emirates ended in the red on Friday, mirroring weakness in Asian peers, as more Fed policymakers signalled they would start to raise U.S. interest rates in March to combat inflation.

Dubai's main share index fell 0.4% after gains in the previous session, as Emirates NBD Bank shed 1.1% and blue-chip developer Emaar Properties lost 0.8%.

Abu Dhabi's index ended flat, with conglomerate International Holding Company losing 0.3%, while telecoms operator Etisalat Group rose 0.1%.

Markets in the UAE traded on their second Friday in January after they shifted to a new Monday-to-Friday working week to better align with global markets.

The UAE announced last month it would move to a Saturday-Sunday weekend from the start of 2022. 

ABU DHABI was flat at 8,425 points DUBAI fell 0.4% to 3,202 points

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Ramakrishnan M.) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))


More From Equities