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Emirati Shares in Green as Geopolitical Tensions, Oil Prices Remain in Focus

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United Arab Emirates equities shrugged off renewed geopolitical and oil price jitters as both Dubai and Abu Dhabi indices closed the last trading day of the week in the green.

At the close of Friday trading, the FTSE ADX General Index added 0.223%, while the DFM General Index rose 0.56%.

Oil prices gained after a Reuters report, citing two senior Iranian sources, said that Iran's Supreme Leader, Mojtaba Khamenei, ordered that enriched uranium should not be sent abroad, conflicting with the US demand to transfer it out of the country.

"Uncertainty surrounding a US-Iran deal abounds as we head into the weekend, leaving the market susceptible to seesaw price moves if any fresh noise emerges," analysts at ING said. "While there are signs of optimism, uncertainty reigns. This is not the first time a deal seemed close, only for negotiations to break down. So, there's a large segment of the market that will be more sceptical about the positive signals we are seeing."

As of 3:07 pm UAE time, the Brent crude oil futures stood at nearly $105.47 per barrel, up 2.82% from the previous day.

Back home and on the corporate front, International Holding Co. (ADX:IHC), IHC, closed 0.256% lower. The Abu Dhabi-based holding company carried out a transaction worth 110 million Emirati dirhams through DDSC, a dirham-backed stablecoin approved by the UAE Central Bank.

Meanwhile, in Dubai, Salik (DFM:SALIK) and Parkin Co. (DFM:PARKIN) will start to implement the Federal Tax Authority's new value-added tax rate of 5% on their services from June 1. Shares of Salik closed 0.90% lower, while those of Parkin ended 1.64% in the green.

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