UAE stock market indices declined at the close of trading on Wednesday, amid growing optimism about the possibility of cutting interest rates, while focus shifts to the Federal Reserve’s policy decision due later today.
The U.S. central bank is expected to keep interest rates unchanged later Wednesday at the end of its two-day meeting, and policymakers will lay the groundwork to begin cutting rates in September.
At the end of today's trading, the Abu Dhabi Securities Market incurred losses of AED 21 billion, while the Dubai and Abu Dhabi stock exchanges attracted liquidity of AED 1.819 billion, distributed over 34,501 thousand transactions.
The Dubai Financial Market index fell by 0.37 percent to 4,268 points, amid trading volume of 236.828 million shares, worth 624.030 million dirhams.
This came amid a 1.66 percent decline in Deyaar Development shares, a 2.29 percent decline in Dubai Financial Market shares, a 2.17 percent decline in Dubai Islamic Bank shares, and a 1.44 percent decline in Dubai Investments shares.
The market value of Dubai stocks reached 716.810 billion dirhams at the close of trading today, compared to 716.458 billion dirhams at the close of trading on Tuesday, with gains amounting to 352 million dirhams.
The Abu Dhabi Securities Exchange index also fell by 0.61 percent to 9,338 points, amid trading volume of 268.677 million shares worth 1.195 billion dirhams.
This came amid a 0.22 percent decline in Abu Dhabi Commercial Bank, 0.81 percent in Abu Dhabi Islamic Bank, 0.64 percent in ADNOC Gas, and 2.59 percent in Agthia Group.
The market value of Abu Dhabi shares reached 2.728 trillion dirhams at the close of trading today, compared to 2.749 trillion dirhams at the close of trading on Tuesday, with losses amounting to 21 billion dirhams.
