Stock exchanges in the United Arab Emirates ended mixed on Friday, as investors awaited a key speech from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium that could shed light on the future direction of U.S. monetary policy.
Powell’s speeches at the event have historically influenced markets, and this year’s remarks are being watched especially closely amid criticism from President Donald Trump, which has raised concerns about the Fed’s independence.
Abu Dhabi’s benchmark index edged 0.1% higher, snapping a 12-session losing streak, led by strong performance in the real estate sector.
IHC-owned investment firm Multiply Group surged 3.7%, while blue-chip developer Aldar Properties jumped 1.65%.
The Abu Dhabi market continues to be sensitive to shifts in oil prices, as uncertainty surrounding geopolitical negotiations could significantly shape future crude prices, said Joseph Dahrieh, Managing Principal at Tickmill.
However, Dubai’s main market edged 0.03% down, weighed by a 0.8% fall in top lender Emirates NBD Bank and a 1.7% decline in utility firm Emirates Central Cooling Systems Corporation.
Most Gulf equities end lower
Food retailer Spinneys climbed 3.1% as the firm unveiled plans to enter the Kuwaiti market through a strategic joint venture with Alshaya Group, extending its GCC footprint to four countries.
Under the joint venture, Spinneys will hold a 51% majority stake and will lead the operation and management of all stores under the partnership.
Oil prices – a key contributor to the Gulf’s economies – gained on Friday as hopes for an imminent peace deal between Russia and Ukraine dimmed.
Brent crude was up 0.2% to $67.82 a barrel by 1142 GMT.
The Abu Dhabi index logged 0.13%weekly losses, marking the fourth consecutive weekly decline, while Dubai ended the week largely unchanged – LSEG data.
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ABU DHABI up 0.1% to 10,209
DUBAI down 0.03% to 6,126
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