ADX:RAKBANK

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UAE Shares Begin New Week in Green; US to Impose New Economic Sanctions on Iran

Stocks in the United Arab Emirates closed Monday in the green territory as investors brushed aside concerns about the US plans to impose new economic sanctions on Iran.At the close of trading, the FTSE ADX General Index gained 0.438%, while the DFM General Index was up 0.154%.US Treasury Secretary Scott Bessent said that the US will impose new sanctions on Iran, to be announced in a press conference on Monday. The news follows US President Donald Trump's threats last week to ramp up economic pressure on the Middle Eastern country and its trading partners."The measures have been described by the US Treasury Secretary Scott Bessent as an 'Economic D-Day', while Iran has warned that no oil will flow from the Gulf if the 'economic war' continues. Although direct military strikes have eased in recent weeks, the lack of meaningful negotiations means the prospects for any deal are slim in the short term," Danske Bank commented.On the economic calendar this week is the release of the personal consumption expenditures price index for July, the US Fed's preferred inflation gauge, on Wednesday.Closer to home, the UAE and Egypt agreed to hold specialized technical meetings to explore areas of collaboration for the latter's targeted onshore and offshore well-drilling program. The strategic partnership was discussed between Adnoc Drilling Co. (ADX:ADNOCDRILL) Chief Executive Officer Abdullah Ateya Al Messabi and Egyptian Minister of Petroleum and Mineral Resources Karim Badawi. Adnoc Drilling lost 0.16% at closing.On the corporate side, the National Bank of Ras Al-Khaimah (ADX:RAKBANK), d/b/a Rakbank, launched a new offering for customers, enabling them to access Bitcoin and execute transactions with their current and savings accounts through the bank's Rakbank Islamic platform. Shares of the Emirati lender closed the session 0.43% higher.Al Ansari Financial Services (DFM:ALANSARI) unit Al Ansari Exchange partnered with Dubai's Roads and Transport Authority to launch nol travel cards for cashless payments across Dubai's public transport network. Al Ansari Financial Services shares were flat at closing.

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Asia Markets47d ago

Correction: Abu Dhabi, Dubai Stocks Begin US Fed Week in Green

(Corrects to remove Emirates Islamic Bank ticker)Shares in the United Arab Emirates closed Monday higher as investors shift their attention to the US Federal Reserve's upcoming interest rate decision due later in the week while keeping watch of the latest regional developments in the Middle East.At the close of trading, the FTSE ADX General Index was up 0.173%, while the DFM General Index added 0.987%.The US Fed will announce its interest rate decision on Wednesday, with markets expecting the federal funds rate to remain unchanged amid persistent inflation, volatile oil prices, and geopolitical risks."Our base case is that the Fed will stay on hold at 3.5-3.75% in July. But the spike in oil prices has made it a close call. With markets now pricing nearly 10bp of hikes in July, Chair Warsh faces a difficult choice. Not hiking could challenge the Fed's credibility on inflation. But raising rates would go against his framework of looking through supply shocks," BofA Global Research said. "We think July is Warsh's call as he has enough votes either way. He has strategic incentives to hike soon. We still expect three 25bp hikes, in Sep, Oct & Dec."Boosting investor sentiment is the temporary pause in the exchange of attacks between the US and Iran, raising hopes for renewed diplomatic talks. However, the Iran-backed Houthi forces attacked two energy facilities in Saudi Arabia in retaliation for the latter's air strikes on its military positions in Hodeidah.Back home and on the corporate front, FAB Securities reiterated its accumulate rating on the National Bank of Ras Al-Khaimah (ADX:RAKBANK), d/b/a Rakbank, with a price target of 10 Emirati dirhams per share, citing resilient profitability growth in the second quarter backed by an increase in net funded and non-funded income. Its shares closed the session 0.66% higher.Over in Dubai, Emirates Islamic Bank executed a host-to-host integration of its banking platform with Taaleem Holdings' (DFM:TAALEEM) enterprise resource planning system to enhance the latter's payment processes. Taaleem shares were 0.63% in the green at the time of closing.

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Asia Markets48d ago

Abu Dhabi, Dubai Stocks Begin US Fed Week in Green

Shares in the United Arab Emirates closed Monday higher as investors shift their attention to the US Federal Reserve's upcoming interest rate decision due later in the week while keeping watch of the latest regional developments in the Middle East.At the close of trading, the FTSE ADX General Index was up 0.173%, while the DFM General Index added 0.987%.The US Fed will announce its interest rate decision on Wednesday, with markets expecting the federal funds rate to remain unchanged amid persistent inflation, volatile oil prices, and geopolitical risks."Our base case is that the Fed will stay on hold at 3.5-3.75% in July. But the spike in oil prices has made it a close call. With markets now pricing nearly 10bp of hikes in July, Chair Warsh faces a difficult choice. Not hiking could challenge the Fed's credibility on inflation. But raising rates would go against his framework of looking through supply shocks," BofA Global Research said. "We think July is Warsh's call as he has enough votes either way. He has strategic incentives to hike soon. We still expect three 25bp hikes, in Sep, Oct & Dec."Boosting investor sentiment is the temporary pause in the exchange of attacks between the US and Iran, raising hopes for renewed diplomatic talks. However, the Iran-backed Houthi forces attacked two energy facilities in Saudi Arabia in retaliation for the latter's air strikes on its military positions in Hodeidah.Back home and on the corporate front, FAB Securities reiterated its accumulate rating on the National Bank of Ras Al-Khaimah (ADX:RAKBANK), d/b/a Rakbank, with a price target of 10 Emirati dirhams per share, citing resilient profitability growth in the second quarter backed by an increase in net funded and non-funded income. Its shares closed the session 0.66% higher.Over in Dubai, Emirates Islamic Bank (DFM:EIB) executed a host-to-host integration of its banking platform with Taaleem Holdings' (DFM:TAALEEM) enterprise resource planning system to enhance the latter's payment processes. Taaleem shares were 0.63% in the green at the time of closing.

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Asia Markets61d ago

UAE Shares Slide Ahead of US Inflation Report

Markets in the United Arab Emirates closed in the red again as investors await the release of the latest US inflation print later in the day amid the recent surge in geopolitical tensions.At the close of Tuesday trading, the FTSE ADX General Index shed 0.52%, while the DFM General Index declined 1.281%."After climbing 0.5% in May and 4.2% on an annual basis, the CPI is expected to decline outright, by 0.1% in June, and rise 3.9% on an annual basis, potentially marking the smallest annual gain since April and the first sub-4% reading since April," Stifel commented. "Excluding food and energy prices, the core CPI is also expected to show improvement - or at least no further acceleration in June. The core is expected to rise 0.3% and increase 2.9% year-over-year, potentially matching the gain the month prior."On the geopolitical front, US President Donald Trump said in a social media post that the blockade of Iranian ports in the Strait of Hormuz will resume on Tuesday. Trump also stated that the waterway will remain open to all other countries and proposed charging a 20% fee on ships passing through the waterway.Closer to home, the UAE Ministry of Defence said Tuesday that two national oil tankers, Mombasa and Al Bahiyah, were hit by cruise missiles from Iran, inflicting material damage to both tankers and resulting in one casualty and injuries to eight other crew members.Turning to corporate news, the National Bank of Ras Al-Khaimah (ADX:RAKBANK), d/b/a Rakbank, renewed its collaboration with Mastercard to deliver improved payment services across retail, business, and wholesale banking. Shares of the Abu Dhabi-listed lender closed the session 0.22% lower.International Financial Advisors (DFM:IFA), d/b/a IFA, stocks ended flat at trading close. The financial advisory services group's board cleared a $5 million investment in Warba Data Centers Development Fund and a $4 million financing deal with an unnamed bank to fund the investment.

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