Stock markets in the United Arab Emirates ended Friday on a mixed note, as investors held their breath ahead of crucial US jobs data, which could offer valuable insights into the Federal Reserve’s upcoming interest rate decisions.
The closely watched U.S. nonfarm payrolls report at 8:30 a.m. U.S. Eastern time (1330 GMT) is forecast to show a rise of 160,000 in jobs in December, while unemployment holds at 4.2%.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions as most regional currencies are pegged to the U.S. dollar.
Abu Dhabi’s benchmark index rebounded on Friday, rising 0.4% after declining in the previous session. The index was propelled by gains in the banking sector, led by a 1.1% surge in First Abu Dhabi Bank, the country’s largest lender, and a 2.8% jump in Abu Dhabi Commercial Bank.
In Dubai, the main share index closed unchanged, as gains in property stocks were counterbalanced by declines in financial and telecom stocks.
Most Gulf markets in red on US rate outlook
Emirates NBD Bank, the emirate’s largest lender, slipped 0.2%, while Emirates Telecom (E&) fell 0.7%. Conversely, blue-chip developer Emaar Properties rose 1.6%.
The Abu Dhabi and Dubai indexes posted weekly gains of 1.9% and 2%, respectively.
The UAE stock markets traded mixed as investors cautiously awaited the highly anticipated US Non-Farm Payroll (NFP) data, said Joseph Dahrieh, Managing Principal at Tickmill. However, markets maintained their positive weekly momentum, reinforcing their bullish trend, he added.
--------------------------------------- ABU DHABI rose 0.4% to 9,495 points DUBAI flat at 5,228 points ---------------------------------------
Stock markets in the United Arab Emirates ended Friday on a mixed note, as investors held their breath ahead of crucial US jobs data, which could offer valuable insights into the Federal Reserve’s upcoming interest rate decisions.
The closely watched U.S. nonfarm payrolls report at 8:30 a.m. U.S. Eastern time (1330 GMT) is forecast to show a rise of 160,000 in jobs in December, while unemployment holds at 4.2%.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions as most regional currencies are pegged to the U.S. dollar.
Abu Dhabi’s benchmark index rebounded on Friday, rising 0.4% after declining in the previous session. The index was propelled by gains in the banking sector, led by a 1.1% surge in First Abu Dhabi Bank, the country’s largest lender, and a 2.8% jump in Abu Dhabi Commercial Bank.
In Dubai, the main share index closed unchanged, as gains in property stocks were counterbalanced by declines in financial and telecom stocks.
Most Gulf markets in red on US rate outlook
Emirates NBD Bank, the emirate’s largest lender, slipped 0.2%, while Emirates Telecom (E&) fell 0.7%. Conversely, blue-chip developer Emaar Properties rose 1.6%.
The Abu Dhabi and Dubai indexes posted weekly gains of 1.9% and 2%, respectively.
The UAE stock markets traded mixed as investors cautiously awaited the highly anticipated US Non-Farm Payroll (NFP) data, said Joseph Dahrieh, Managing Principal at Tickmill. However, markets maintained their positive weekly momentum, reinforcing their bullish trend, he added.
--------------------------------------- ABU DHABI rose 0.4% to 9,495 points DUBAI flat at 5,228 points ---------------------------------------
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