UAE Stocks Fall as Investors Weigh Corporate Earnings
Stock trading in the United Arab Emirates closed in the red as traders assessed the latest corporate earnings from the region.At the close of Wednesday trading, the FTSE ADX General Index lost 0.134%, while the DFM General Index fell 0.466%.The Abu Dhabi and Dubai bourses saw the release of first-half earnings reports from Emirates Mobility (ADX:EMOBILITY), Rapco Investment (ADX:RAPCO), and Ekttitab Holding Co. (DFM:EKTTITAB).Emirates Mobility recorded a lower attributable profit despite a 2% annual growth in revenue and ended 4.62% lower. Rapco Investment's profit for the period also slipped, with its shares ending the session flat. Ekttitab Holding, on the other hand, logged a wider attributable loss and declined 0.96% at closing.In other news, Dubai International Chamber launched a new office in Luanda, Angola, to bolster trade and investment ties with the country. The launch forms part of Dubai International Chamber's plans to establish 50 representative offices worldwide by 2030.On the geopolitical front, the US Central Command attacked Iran for the 11th consecutive night, while the latter claimed attacks on US bases in Jordan, Bahrain, and Kuwait. Oil prices continued to trade higher, hitting a six-week high as Brent crude oil futures stood at nearly $94.307 per barrel as of 3:35 pm UAE time, up 3.62% from the previous day."Hopes of a temporary ceasefire between the US and Iran faded after President Trump ruled out the prospect of immediate talks. Instead, we continue to see further escalation," ING analysts said. "Factoring in the renewed disruptions from the Persian Gulf, risks to Saudi crude exports from the Red Sea, and developments in the Black Sea, one may argue that Brent at just over US$91/bbl is undervalued. Particularly if these disruptions persist into August."
