UAE Stocks Snap Winning Streak as US-Iran Defer Peace Talks
Emirati Equities ended a three-day winning streak on the last day of a shortened trading week, which saw the release of the US Federal Reserve interest rate decision and the signing of an interim deal between the US and Iran.At the close of Friday trading, the FTSE ADX General Index fell 0.956%, while the DFM General Index lost 1.691%.The Swiss Federal Department of Foreign Affairs said Friday that the planned peace talks between the US and Iran on the same day have been postponed, injecting fresh uncertainty into the recently signed initial peace deal.Also weighing on sentiment were Israel's airstrikes in southern Lebanon that resulted in at least 18 casualties, as reported by various media outlets. The end to hostilities on all fronts, including Lebanon, was a key demand from Iran for any peace agreement."Ongoing Israeli strikes in southern Lebanon, which have continued post-deal signing, pose perhaps the greatest near-term threat to the deal, as officials in Tehran insist that they represent a clear violation of the MoU. Hence, while the deal is not necessarily dead on arrival, there appear to be real risks to its staying power," RBC Capital Markets said in a note.Zooming in at home, Dubai Chambers discussed and explored initiatives to boost trade and investment between Dubai and Toronto during its meetings with Canadian economic and investment institutions, including Toronto Global, the Ontario Chamber of Commerce, and the Toronto Region Board of Trade.On the corporate side, Aldar Properties (ADX:ALDAR) was the Abu Dhabi bourse's most traded stock by value and closed 1.78% lower. The real estate manager and investor launched the new Orchids at Yas Acres residential community on Yas Island in Abu Dhabi.Elsewhere, Amanat Holdings (DFM:AMANAT) assumed full ownership of Cambridge Health Group after purchasing the remaining 10.03% stake it did not own in the group. Shares of the healthcare and education investment company closed the session 0.78% in the green.
