Page 24 - UNION PROPERTIES GENERAL REPORT - March 2024

3/18/24, 9:06 AM UAE bourses track global equities lower - Markets - Business Recorder
MSCI’S global equity index was down 0.2%, while Hong Kong’s Hang Seng

Index slid 1.4%.

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 dropped 0.4%, breaking two sessions’ gains,

weighed down a 6.5% decline in UAE’s third largest lender Abu Dhabi

Commercial Bank, while IHC-owned investment firm Multiply Group lost

2.2%.

However, National Corp For Tourism And Hotels 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 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.

Gulf markets rise on higher oil prices; US data in focus

Dubai’s main index settled 0.7% lower, snapping three sessions of a rally,

dragged down by a 1.9% decrease in Dubai Islamic Bank and a 5.6% drop in

Emaar Development.

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