UAE Stocks Blink Red as US-Iran Conflict Intensifies
Shares in the United Arab Emirates ended Thursday lower amid the continued exchange of attacks between the US and Iran, with no signs of easing.At the close of trading, the FTSE ADX General Index fell 0.51%, while the DFM General Index was 0.261% in the red.The US intensified its attacks on various Iranian targets, while the latter targeted US bases in Jordan, Kuwait, and Bahrain. The recent escalation is also driving volatility in oil markets as shipping through the Strait of Hormuz remains depressed."There has already been a significant drop-off in exports through the Strait since fighting resumed a week ago, with 7DMA flows down around 4.6 mb/d, to an average of 3.9 mb/d, and the IMO today stating the Strait is too dangerous for commercial vessels to cross. Even if President Trump opts for something of a strategic retreat, we do not see Hormuz traffic returning to pre-war levels as long as shippers have to contend with the threat of mines, missiles, drones, and Tehran tolls," RBC Capital Markets said.Back home and on the corporate front, shares of Gulf Pharmaceutical Industries (ADX:JULPHAR), d/b/a Julphar, closed the session 0.97% lower. The pharmaceutical company's unit, Planet Pharmacies, concluded the deal to sell its Oman-based Scientific Pharmacy business.Meanwhile, in Dubai, Salik (DFM:SALIK) and the Dubai Integrated Economic Zones Authority partnered to deliver seamless mobility services through access control systems and parking optimization tools at more than 21,000 parking spaces across Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity. Salik ended the session 0.18% higher.
