XM does not provide services to residents of the United States of America.

UAE bourses gain on rate cut bets



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>MIDEAST STOCKS-UAE bourses gain on rate cut bets</title></head><body>

March 8 (Reuters) -United Arab Emirates stock exchanges ended higher on Friday, tracking global equities after U.S.Federal Reserve chair indicated that rate cuts might start within months.

The MSCI All-Country stock index .MIWD00000PUS was up 0.9%, while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.4%.

Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was "not far" from gaining the confidence it needs in falling inflation to begin cutting interest rates.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.

Dubai's main index .DFMGI rose 0.4%, lifted by a 2.5% jump in Emirates Central Cooling System Corporation EMPOWER.DU, while Dubai's blue-chip developer Emaar Properties EMAR.DU added 0.7%.

The slight rebound on Dubai's stock market followed strong declines early this week.

Daniel Takieddine, CEO MENA at BDSwiss, said strong real estate stocks could help drive the market higher.

Among the gainers on Friday, Commercial Bank of Dubai CBD.DU gained 3.5% after the board elected Ahmad Abdulkarim Mohammad Julfar as chairman

Dubai index lost 2.4%, its steepest weekly decline since Oct. 20 last year, LSEG data showed.

After trading down for almost the whole session, Abu Dhabi's benchmark index .FTFADGI closed 0.1% higher, helped by a 1.7% rise in Emirates Telecommunication Group (also know as E&)EAND.AD, as well as a 0.7% gain in utility giant Abu Dhabi National Energy Company TAQA.AD.

Abu Dhabi National Hotel ADNH.AD also gained 1.5% after it reached agreement to acquire Compass Group International's entire stake in their joint ventures operating UAE.

Separately, Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings HSBA.L, Citigroup C.N and First Abu Dhabi Bank FAB.AD, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.

ABU DHABI

.FTFADGI up 0.1% to 9,234

DUBAI

.DFMGI gained 0.4% to 4,253



Reporting by Mohd Edrees in Bengaluru; editing by Barbara Lewis

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.