Page 19 - UNION PROPERTIES GENERAL REPORT - March 2024

MIDEAST STOCKS-UAE bourses track

global equities lower

Credit: REUTERS/HAMAD I MOHAMMED
March 15, 2024 — 08:01 am EDT

Written by Mohd Edrees for Reuters ->

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

https://www.nasdaq.com/articles/mideast-stocks-uae-bourses-track-global-equities-lower