UAE Stocks Close Mixed as Middle East Jitters Continue to Weigh on Markets
Emirati Equities started the new trading week diverged as uncertainty surrounding the US-Iran conflict and elevated concerns over supply disruptions weighed on sentiment.At the close of Monday trading, the FTSE ADX General Index fell 1.613%, while the DFM General Index was up 0.051%.Oil prices extended their decline on Monday despite an exchange of threats between the US and Iran over the weekend. Meanwhile, Iran-backed Houthis claimed ballistic and drone strikes on both Riyadh and energy sites in Yanbu.However, hopes for US-Iran diplomacy renewed after US President Donald Trump said that he is probably open to meeting his Iranian counterpart, Masoud Pezeshkian, at the UN General Assembly in New York."Crude oil started the week on a softer footing, with ICE Brent falling around 2% to below $102/bbl and WTI easing to around $98/bbl. The pullback comes despite ongoing geopolitical risks and continued concerns over global oil supply disruptions," ING said. "Profit-taking after recent gains, together with hopes for constructive discussions at this week's UN General Assembly (UNGA) and the upcoming Trump-Xi meeting, helped improve market sentiment."Closer to home, the Abu Dhabi Chamber-led economic delegation concluded agreements, investments, and opportunity discussions across artificial intelligence, financial services, healthcare, energy, and water technologies with the Republic of Korea.Over to corporates, Emirates Stallions Group (ADX:ESG), or ESG, unit Royal Development Holding launched the second phase of the 1.45 billion-Emirati-dirham Radisson Residences Al Reem Island project in Abu Dhabi. Emirates Stallions Group closed the session 1.94% higher.Parking facilities and services company Parkin Co. (DFM:PARKIN) partnered with Dubai Health to deploy a smart parking management system at its facilities in Dubai, starting on Monday. Parkin shares ended the session 0.98% in the red.
