2024-02-16T15:10:50+00:00
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/ UAE stocks rose on Friday, after a decline in US retail sales renewed hopes for a cut in interest rates.
The U.S. Commerce Department’s Census Bureau said retail sales fell 0.8 percent last month, the biggest drop since March 2023.
Economists polled by Reuters had forecast retail sales falling 0.1 percent in January.
Most Gulf currencies are pegged to the dollar, and monetary policy in the GCC is usually guided by decisions of the US Federal Reserve.
Dubai’s index closed up 0.5 percent, at its highest level in nearly nine years, after recovering from last week’s losses.
The index’s gains were driven by a 1.6 percent and 1.7 percent rise in Emaar Properties and Emirates NBD respectively.
The Abu Dhabi index rose 0.2 percent, continuing its gains for the fourth consecutive session, supported by a 3.1 percent rise in the shares of Multiply Group, and a 1.2 percent rise in the shares of Aldar Properties, the largest real estate developer in Abu Dhabi.
Data from the London Stock Exchange Group shows that the Abu Dhabi index achieved weekly gains of about 0.2 percent after four weeks of losses, while the Dubai index rose 1.8 percent during the week.
Oil prices, a major catalyst for financial markets in the Gulf region, fell on Friday after the International Energy Agency said demand for oil was slowing as non-OPEC supplies increased.
Brent crude fell 0.92 percent to $82.10 a barrel by 1146 GMT.