ADX:PUREHEALTH

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Emirati Indices Gain Ahead of Key US Economic Data

United Arab Emirates' two benchmark indices closed the trading week higher as investors await the release of the US inflation report later in the day while keeping watch on the latest developments in the Middle East.At the close of Friday trading, the FTSE ADX General Index was 0.003% in the green, while the DFM General Index was up 0.63%.The US consumer price index for August, which will be the final inflation indicator before the US Federal Reserve's September meeting, is expected to grow 0.4% monthly and remain unchanged at 3.4% on an annual basis. Core CPI, meanwhile, is anticipated to rise 0.2% month-on-month and 2.4% yearly."Today's August CPI release can provide the green light to fully price a September hike with even a marginal upside surprise," ING said. "A softer CPI print could weigh on the dollar, but may not be enough to push September hike pricing below 50%, a level we suspect would be sufficient to bring any unconvinced FOMC members on board."On the geopolitical front, oil prices continued to trade above the $100 per-barrel mark. The rally was fueled by Iran-backed Houthi rebels seizing Yemen's port city of Mokha, threatening shipping around the Bab al-Mandeb Strait in the Red Sea.Zooming in at home, the UAE committed to invest 40 billion euros in Germany's digital infrastructure to boost its industrial competitiveness and drive long-term economic growth. The commitment coincides with the signing of 29 memoranda of understanding and deals valued at over 9.36 billion euros between German and Emirati companies.Over to corporates, Pure Health Holding (ADX:PUREHEALTH), through its unit Circle Health Group, will take over selected Unilabs laboratory operations in the UK in a bid to expand its platform internationally. Pure Health closed the session flat.Elsewhere, National Central Cooling Co. (DFM:TABREED), d/b/a Tabreed, appointed interim Chief Executive Officer Yousif Al Hammadi to the permanent role, marking the first time a CEO was named from within the group. Shares of the district cooling system company were 2.05% in the red at the time of closing.

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Asia Markets45d ago

Emirati Equities Close Busy Corporate Earnings Week in Green

Shares in the United Arab Emirates closed on a positive note as investors balanced a busy week of corporate earnings with the latest geopolitical developments.At the close of Friday trading, the FTSE ADX General Index added 0.362%, while the DFM General Index was subdued at 0.065% in the green.The Abu Dhabi bourse welcomed first-half financial releases from Borouge (ADX:BOROUGE), Pure Health Holding (ADX:PUREHEALTH), Emsteel Building Materials (ADX:EMSTEEL), and Dubai Financial Market (DFM:DFM).Borouge shares closed flat as its first-half profit dropped 27% year over year due to reduced margins driven by higher freight, logistics, and propylene feedstock costs. Pure Health and Emsteel Building Materials, on the other hand, logged higher profits for the period and closed 1.80% and 0.91% higher, respectively.Bourse operator Dubai Financial Market's net profit slipped despite increased trading activity and investor participation during the period. Its shares lost 1.39% at closing.On the geopolitical front, US President Donald Trump said in a social media post that an agreement for the complete disarmament of Hamas and armed groups in Gaza was reached, with the city to be governed by a new Palestinian government working closely with his Board of Peace.In other news, the personal consumption expenditures price index, the US Fed's preferred inflation gauge, cooled in June, driven by a decline in energy prices during a temporary ceasefire agreement between the US and Iran."On the inflation front, the PCE fell 0.1% in June, as expected and marking the first monthly decline since April 2020. Year-over-year, headline inflation climbed 3.7%, easing from the 4.1% gain in June and marking the smallest gain in three months," Stifel said. "Excluding food and energy costs, the core PCE rose 0.1% in June, a tenth of a percentage point less than expected and following a 0.3% gain in May. Over the past 12 months, core inflation rose 3.3%, as expected and marking the smallest gain since April."

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Asia Markets52d ago

UAE Stocks Close Week Downbeat as Middle East Tensions Expand

Emirati shares closed the last trading session of the week on a downbeat note as escalating Middle East tensions and volatile oil prices take center stage once again.At the close of Friday trading, the FTSE ADX General Index lost 0.127%, while the DFM General Index was 0.208% in the red.US President Donald Trump said in a social media post that Iran will be held responsible and face "major military punishment" if the Houthis attack any ship in the Red Sea. Trump also mentioned that any damage inflicted on ships and cargo by Iran will be paid from its frozen assets."With little-to-no sign of de-escalation, the market is likely to take the path of least resistance for now. This suggests oil prices will only continue to move higher. The key question is at what price level pressure begins to build on the Trump administration to return to the negotiating table," ING said. "The potential supply disruptions facing the market now are larger than at any time during the war. Not only have oil flows through the Strait of Hormuz essentially dried up, but there are clear risks to Saudi oil flows from the Red Sea."Meanwhile, the US Central Command continued its attacks on Iran for the 13th consecutive night, targeting military command centers, drone storage facilities, communication networks, and coastal surveillance sites.Zooming in at home, the UAE will be subject to a 12.5% tariff from the US as part of the latter's efforts to prohibit the import of goods produced through forced labor practices. The tariff, set to take effect on Friday, ranges from 10% to 12.5% and includes over 60 countries.Turning to corporate news, Pure Health Holding (ADX:PUREHEALTH) teamed up with the National Multiple Sclerosis Society to support early diagnosis, enhance patient care, and advance global research for the treatment of Multiple Sclerosis. The Abu Dhabi-listed healthcare services company's shares closed the session 0.90% lower.Dubai Taxi Co.'s (DFM:DTC) first-half profit plummeted 67.7% year over year with a 14.7% decline in revenue due to low airport and tourism-related demand amid the ongoing regional developments in the country. Its shares were 0.94% in the red at the time of closing.

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Asia Markets136d ago

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.

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