Page 12 - UNION PROPERTIES GENERAL REPORT - September 2023

9/4/23, 1:21 PM UAE equities buck global downtrend in August

A trader talks on the phone during the opening of the Dubai stock market June 26, 2016. Image for illustrative purpose. Ahmed Jadallah,
Reuters

UAE equities buck global downtrend in August

Global markets see biggest monthly slide this year on hawkish Fed

Somshankar Bandyopadhyay, Khaleej Times

September 4, 2023

The UAE financial markets bucked the global and regional downtrend in equities last month, a recent
report showed.

According to Kamco Invest’s GCC Markets Monthly report, GCC equity markets witnessed its first

decline in three months taking cues from the worst monthly performance in global equity markets this
year.

Despite a second half recovery, the MSCI World index was down 3.6 per cent during August-2023 after a
hawkish Fed led to fears of higher for longer rates with some economists even pricing-in another rate
hike this year and the first cut deep into next year. Weak data coming from China also affected

sentiments across the board that got exacerbated by probability of a continued rate hike by the ECB in
September-2023. China’s economic activity continued to slide with manufacturing activity contracting for
the fifth consecutive month as government reforms and new targeted policies are yet to have a
meaningful impact on markets and sentiments.

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