Stock markets in the UAE fell yesterday as investors awaited key US inflation data due later in the day for clues on future interest rate moves by the US Federal Reserve.
A record monthly drop in the euro zone’s inflation rate has raised investors’ expectations for similar US data later in the day. The euro zone inflation numbers showed consumer prices rising 6.9 per cent in March after an 8.5pc increase in February.
In Dubai, the main share index fell 0.6pc, ending a three day rally, with real estate and financial stocks leading the losses. The index logged quarterly gains of 2.1pc, but was down 0.9pc on monthly basis.
The blue-chip developer Emaar Properties dropped 2.1pc and Dubai Islamic Bank and Dubai Investments slid 2.4pc and 2.1pc respectively.
Amanat Holding also gained more than 1pc after it announced the launch of its new healthcare platform Amanat Healthcare and plans to explore a regional IPO of the new entity in the near term.
Abu Dhabi’s index also lost 0.5pc, dragged down by a 1.8pc slide in First Abu Dhabi Bank, the UAE’s biggest lender, and a 0.9pc decline in Alpha Dhabi Holding.