The main index of the Dubai Stock Exchange fell 1.6 percent, with most of the listed stocks falling, including Emaar Properties, which fell 2.6 percent.
Abu Dhabi’s main index fell 1.1 percent, with First Abu Dhabi Bank, the country’s largest bank, down 1 percent.
The Central Bank of the United Arab Emirates announced last week to raise the basic interest rate by 75 basis points to 3 percent, in line with the largest increase announced by the US Federal Reserve since 1994, and the Saudi Central Bank and the Central Bank of Qatar raised interest rates.
The UAE dirham, like most Gulf currencies, is pegged to the dollar.
The Qatari index fell 0.4 percent, affected by a 4.5 percent drop in Masraf Al Rayan shares.
The Saudi index bucked the general trend, rising 0.6 percent, a day after it recorded the largest daily decline in nearly seven months.
Al-Rajhi Bank rose 1.1 percent, while Sahara International Petrochemicals rose 4.2 percent.
Oil prices, a major catalyst for the Gulf financial markets, stabilized, as the lack of supply offset the impact of fears of slowing global economic growth.
Outside the Gulf region, the Egyptian blue-chip index declined for the seventh consecutive session, closing down 0.5 percent.
And Wael Makarem, a strategic market expert at Exness, said that local and regional investors are buying after the shares fell to low levels, but the market is witnessing selling pressure from international investors looking to reduce risks, according to “Reuters”.
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