Stock markets in the United Arab Emirates were mixed on Friday, as hopes that declines in copper and other commodities could put a brake on runaway inflation eased economic growth concerns.
In Abu Dhabi, the equities eased 0.1%, with the country’s biggest lender First Abu Dhabi Bank losing 0.3%.
The index fell 2.3% in the week to June 24, down for a third week in a row.
The week has been marked by steep declines in commodities on concern that interest rate hikes will hurt growth, which is prompting traders to pare back some bets.
Copper, a bellwether for economic output with its wide range of industrial and construction uses, is heading for its steepest weekly drop since March 2020, and is down more than 7% for the week. It also fell in London and Shanghai on Friday.
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The main share index in Dubai added 0.1%, helped by a 1.4% rise in blue-chip developer Emaar Properties.
However, the index registered a weekly loss of 1.8%, its third week of losses.
Oil prices, a key catalyst for the Gulf’s financial markets, rose by more than $1 a barrel supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.
================================= ABU DHABI fell 0.1% to 9,238 DUBAI rose 0.1% to 3,202 =================================
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