Emirati Equities Diverge on Uncertainty Over US-Iran Talks
Stock trading in the United Arab Emirates ended Thursday mixed as investors await clarity on the renewed negotiations between the US and Iran.At the close of trading, the FTSE ADX General Index inched up 0.092%, while the DFM General Index was down 1.496%.Iran vowed to attack Gulf energy infrastructure in case of new US attacks, with Iranian Foreign Minister Abbas Araghchi urging Saudi, Qatari, and Turkish counterparts to press US President Donald Trump to avoid such actions, media reports said.Meanwhile, Iran said that an agreement with Oman was reached for a temporary shipping route through the Strait of Hormuz and that full reopening of the waterway will be based on the US ending the naval blockade of its ports."Iran signalled progress toward this goal, announcing that it has reached an agreement with Oman on new shipping arrangements for the strait, with a joint statement on the deal now being prepared," ING said. "The real hinge point now becomes the trajectory of US-Iran discussions, because meaningful progress there is essential before disrupted energy flows can realistically resume."Back home and on the corporate front, Abu Dhabi Aviation (ADX:ADAVIATION) recorded a marginal year-over-year growth of 0.1% in its first-half attributable profit, with a 28.2% increase in revenue. Its shares closed the session 0.19% in the red.Over in Dubai, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, lost 3.13% at closing despite a record 16.2% growth in net profit for the first six months driven by an increase in its total contracted capacity.
