UAE Stocks in Green as US-Iran War Risks Resurface
Markets in the United Arab Emirates ended the last trading day of the week on a positive note despite investors adopting a risk-off stance due to renewed fears of escalation between the US and Iran.At the close of Friday trading, the FTSE ADX General Index gained 0.110%, while the DFM General Index ended somewhat muted but 0.014% in the green.Oil prices rose on Friday after multiple media outlets reported that Iran threatened to strike US positions if the latter decided to renew its attacks. A previous report by Axios noted that US President Donald Trump was set to receive a briefing on new military action against Iran."We're heading towards another weekend of potential uncertainty, with Friday, 1 May, seen in the minds of many as something of a key day by which some move needs to happen between the US and Iran with respect to a deal of sorts. Hope is fading on this, which risks seeing the pendulum swinging back in the direction of a resumed kinetic outcome. That would not be great for markets, which would prefer a quick reopening of the Strait, even on a bad deal," ING said.As of 3:21 pm UAE time, the Brent crude oil futures stood at nearly $110.89 per barrel, up 0.44% from the previous day.Zooming in at home, the UAE Central Bank launched a service for non-resident visitors to open digital bank accounts using their tourist identity. The initiative was launched in collaboration with the Federal Authority for Identity, Citizenship, Customs and Port Security and Abu Dhabi Commercial Bank (ADX:ADCB).Over to corporates, Pure Health (ADX:PUREHEALTH) reported a decline in its first-quarter attributable profit. Shares of the Abu Dhabi-listed healthcare services company closed the session 0.47% in the green.Elsewhere, Dubai Financial Market's (DFM:DFM) attributable profit for the same quarter jumped to 177.7 million Emirati dirhams backed by a 36% year-over-year growth in revenue. The stock exchange operator's shares ended 0.70% higher at trading's close.Looking ahead to next week, the local economic calendar will see the release of the country's S&P Global Purchasing Managers' Index report for April. The indicator fell to 52.9 in March.