Mideast Stocks: UAE markets subdued on fears of economic downturn

Mideast Stocks: UAE markets subdued on fears of economic downturn

Stock markets in the United Arab Emirates closed subdued on Friday, tracking global equities after data showed a strong U.S. economy that may push the the Fed to keep lifting interest rates for longer to curb inflation.

The MSCI All Country stock index was down 0.94%, having fallen about 20% so far this year. Most Gulf states this month raised key interest rates by half a percentage point, following the Federal Reserve's decision to increase rates by that amount.

Most Gulf Cooperation Council countries, including UAE, have their currencies pegged to the U.S. dollar and follow Fed policy moves closely, which exposes the region to monetary tightening in the world's largest economy.

Dubai's main share index fell 0.2%, with blue chip developer Emaar Properties slipping 0.3% and top lender Emirates NBD dropped 0.4%.

In Abu Dhabi, the equities edged down 0.1%, its fourth straight session of decline, with conglomerate International Holding Company decreasing 0.2%, while real estate developer Aldar Properties dipped 0.7%. ABU DHABI closed flat DUBAI lost 0.2% to 3,316

($1 = 3.6719 UAE dirham)

(Reporting by Mohd Edrees in Bengaluru Editing by Frances Kerry)

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are