Shares finished lower across the Arabian Gulf on Monday as the renewed prospect of a US interest rate rise later this year impacted emerging markets.
The Federal Reserve vice chairman Stanley Fischer said that the US was close to meeting targets on employment and inflation, fuelling speculation that a rise in interest rates is imminent before the end of the year. The US dollar rose and emerging equities fell in response.
Regional indexes were also affected by falling oil prices after Iraq said that it would boost its oil exports by about 5 per cent in the coming days. Brent crude fell by about 3 per cent on the news, trading at about $49.33 per barrel during the late afternoon.
Saudi stocks bore the brunt of negative sentiment in the region on Monday, with the Tadawul closing down 1.6 per cent. The Qatar Exchange ended the day 0.7 per cent lower.
The Dubai Financial Market General Index ended a quiet day 0.6 per cent lower at 3,535.29, with just four stocks on the headline index posting gains.
Damac Properties led the sell-off among big names, closing off 2 per cent at Dh2.42, with DIB and Emaar Malls also falling.
Shares in GFH closed 0.4 per cent lower, after the Bahraini financial group announced it had signed a memorandum of understanding to acquire a majority stake in its fellow Bahraini institution Bank Al Khair for an undisclosed sum.
The Abu Dhabi Securities Exchange General Index closed 0.1 per cent lower at 4,510.55.
Aldar Properties and ADCB were among the worst affected big names, both closing off 1 per cent.
jeverington@thenational.ae
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
UAE currency: the story behind the money in your pockets
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5