The stock market of the largest city in the United Arab Emirates fell today.
The Dubai financial market closed down 0.4%, according to stock market data from Bloomberg. Reuters reported that the decline was due to the US Federal Reserve signaling an interest rate hike in the near future. Among the major listed companies, Emirates NBD Banks stock fell 1.1%, while real estate company Emaar Properties fell 0.8%, according to Reuters.
Interest rates refer to the amount of interest due in a given period on money loaned, borrowed or deposited in a bank. Chairman of the US Federal Reserve Jerome Powell said a US Senate committee on January 11 that the monetary institution is likely to raise interest rates in March, due to rising inflation in the United States.
US interest rates tend to affect economies around the world. Falling interest rates in general often stimulate investment in the stock market.
Other Gulf Scholarships experienced gains at the end of the Islamic work week yesterday, on the other hand. The Bahrain Stock Exchange rose 0.65%, the Kuwait Stock Exchange 0.15%, the Saudi Stock Exchange 1.02% and the Qatar Stock Exchange 1.27%, according to Bloomberg.
The UAE moved to a Monday-Friday working week earlier this year, in part to facilitate trade interactions with the West and Asia. The rest of the Gulf retains the traditional Sunday-Thursday work week common to the entire Muslim world.
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