Most countries of the Gulf Cooperation Council, including the UAE, peg their currencies to the dollar and follow in the footsteps of the US Central Bank’s monetary policy in general.
The Dubai market index closed down 0.2 percent, ending a series of gains that lasted for six sessions, affected by a 1.4 percent drop in Emaar Properties and the Emirates Central Cooling Systems Corporation (Empower) 1.6 percent.
Shares of the National Central Cooling Company fell 3.2 percent, making it the biggest loser on the index, while Emirates NBD Bank, the UAE’s largest bank, fell 0.3 percent.
However, the index recorded a weekly rise of 1.2 percent, after losing two consecutive weeks.
The Abu Dhabi market index fell 0.1 percent on Friday, recording a weekly loss of 0.4 percent.
Abu Dhabi Commercial Bank, the UAE’s third-largest bank, fell 0.7 percent.
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