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 AllCountry stock index was up 0.9, while MSCI39;s broadest index of AsiaPacific shares outside Japan 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 sixmember Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.

Dubai39;s main index rose 0.4, lifted by a 2.5 jump in Emirates Central Cooling System Corporation, while Dubai39;s bluechip developer Emaar Properties added 0.7.

The slight rebound on Dubai39;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 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 Dhabi39;s benchmark index closed 0.1 higher, helped by a 1.7 rise in Emirates Telecommunication Group also know as E, as well as a 0.7 gain in utility giant Abu Dhabi National Energy Company.

Abu Dhabi National…