Page 29 - UNION PROPERTIES GENERAL REPORT - March 2024

3/18/24, 9:06 AM UAE bourses track global equities lower
UAE bourses track global equities

lower

Mar 15, 2024 at 12:01 pm GMT

By Mohd Edrees

March 15 (Reuters) -Stock markets in United Arab Emirates declined on Friday, in line with global
equities after a bigger-than-expected hike in U.S. inflation dashed hopes of early rate cut.

MSCI'S global equity index .MIWD00000PUS was down 0.2%, while Hong Kong's Hang Seng
Index .HSI slid 1.4%. MKTS/GLOB

The mood turned cautious after a bigger-than-expected rise in producer prices in U.S. data on
Thursday added to a hot consumer inflation reading earlier in the week.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since
most regional currencies are pegged to the U.S. dollar.

Abu Dhabi's benchmark index .FTFADGI dropped 0.4%, breaking two sessions' gains, weighed
down a 6.5% decline in UAE's third largest lender Abu Dhabi Commercial Bank ADCB.AD, while
IHC-owned investment firm Multiply Group MULTIPLY.AD lost 2.2%.

However, National Corp For Tourism And Hotels NCTH.AD jumped 2.8% after the firm offered to
acquire entire stake held by Alpha Dhabi Holding's subsidiaries in ADH Hospitality, Murban (BVI)
Holding And Hill View Resorts (Seychelles).

Alpha Dhabi Holding ALPHADHABI.AD shares closed 0.4% up.

Oil price - a key catalyst for Gulf's financial markets - was 0.4% down to $85.06 a barrel by 1116
GMT O/R

Dubai's main index .DFMGI settled 0.7% lower, snapping three sessions of a rally, dragged down by
a 1.9% decrease in Dubai Islamic Bank DISB.DU and a 5.6% drop in Emaar
Development EMAARDEV.DU.

However, Union Properties UPRO.DU surged 10.3%, hitting over 5-months high after Dubai
Financial Market transferred company's listing to first category from second category.

Separately, Dubai's Parkin, which oversees public parking operations in the Emirates, has raised
1.57 billion dirhams ($427.5 million) after pricing its IPO at the top of its range at 2.1 dirhams per
share on Thursday. Parkin is expected to start trading on March 21.
ABU DHABI.FTFADGI down 0.4% to 9,221
DUBAI .DFMGI lost 0.7% to 4,262

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