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Stock exchanges in United Arab Emirates closed lower on Friday, tracking global equities, a day after the U.S. Federal Reserve hiked interest rates sharply and signalled a larger rates increase in the next few months to fight inflation.

MSCI’s world stocks index fell to its lowest since mid-2020 on Friday, having lost about 12% in the month or so since Fed Chair Jerome Powell made clear that bringing down inflation would hurt.

In Dubai, the main share index dropped 0.7%, as nearly all its sectors slipped into the red and heavyweight real estate shares led the losses.

Blue-chip developer Emaar Properties fell 1.1% and state-run utility firm Dubai Electricity And Water Authority slid 1.6%.

Most Gulf bourses drop on recession fears

The Central Bank of the United Arab Emirates said on Wednesday it was hiking its base rate by three quarters of a percentage point to 3.15% effective from Thursday, moving parallel with the Fed’s third consecutive hike of that size as its currency is pegged to the dollar.

Abu Dhabi equities slipped 0.7% with Abu Dhabi National Energy Company declining 3% and port operator Abu Dhabi Ports Company decreasing 1.5%.

Abu Dhabi-based hospital operator Burjeel Holdings is seeking local investors for its planned initial public offering, two sources said, scrapping plans to seek foreign investors after International Holding Company took a 15% stake this week.

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 ABU DHABI     down 0.7% to 10,005 points
 DUBAI         rose 0.7% to 3,409 points
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