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Dubai’s stock market extended losses on Friday, posting its first weekly loss in four, amid fears that more aggressive rate hikes from the Federal Reserve could push the economy into recession, although the Abu Dhabi index bucked the trend to trade higher.

U.S. Federal Reserve officials on Tuesday reiterated their support for further interest-rate hikes to quell inflation, with the influential chief of the New York Fed saying the central bank will likely need to get its policy rate “somewhat above” 3.5% and keep it there through the end of 2023.

Most Gulf Cooperation Council countries, including the United Arab Emirates, have their currencies pegged to the dollar and generally follow the Fed’s policy moves, exposing the region to a direct impact from U.S. monetary tightening.

The main share index in Dubai, the Middle East’s travel and tourism hub, dropped 0.6%, with Mashreq Bank plunging about 10%, while top lender Emirates NBD was down 0.7%.

In Abu Dhabi, the index gained 0.4%, snapping four sessions of losses, helped by a 0.2% rise in conglomerate International Holding.

Most Gulf bourses in red as oil slide weighs on region

The Abu Dhabi bourse rebounded, responding to the reversal in oil prices.

“Stronger crude prices could help the market recover,” Daniel Takieddine, CEO MENA BDSwiss said.

Crude prices climbed on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concerns over China’s COVID-19 curbs and weakness in the global economy continued to limit gains.

Brent crude futures rose $2.01, or 2.2%, to $94.37 a barrel by 0900 GMT.

However, the index saw its biggest weekly loss of 3.2% since mid-May.

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 ABU DHABI       rose 0.4% to 9,755
 DUBAI           down 0.6% to 3,394
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