UAE markets buck global trend as world stocks sink after Fed move

UAE markets buck global trend as world stocks sink after Fed move

Other GCC stock markets moved in different directions as traders reacted to the Federal Reserve’s interest rate decision and to the developments in energy markets amid fear of economic recession after a hawkish stance from the US Federal Reserve

In Abu Dhbai, the benchmark index staged a strong rebound and climbed 1.2 per cent to 10,144.53 points as investors showed interest in newly-listed companies. — File photo

Published: Thu 15 Dec 2022, 6:37 PM

The UAE stock markets on Thursday showed a resilient performance and bucked global trends by recording smart gains despite an increase in interest rates by the US Federal Reserves, European Central Bank (ECB) and Bank of England (BoE).

Other GCC stock markets moved in different directions as traders reacted to the decesion of Federal Reserves, ECB and BoE to increase interest rate by 50 basis points and to the developments in energy markets amid fear of economic recession after a hawkish stance from the US Federal Reserve.

Oil prices’ direction was uncertain after the Federal Reserve’s move to increase interest rate by 50 basis points while supply and demand concerns affected traders’ expectations.

"The Dubai stock market was relatively volatile with no clear direction as traders reacted to the interest rate decision