Emirati Equities Diverge Amid Uncertainty Over US-Iran Deal
Shares trading in the United Arab Emirates began the week mixed as investors assess rising concerns over regional supply disruptions and growing uncertainty over a potential deal between the US and Iran.At the close of trading, the FTSE ADX General Index gained 0.293%%, while the DFM General Index fell 0.501%.Following the end of the 60-day deadline under the June memorandum of understanding, the US and Iran remain no closer to permanently ending the war than, having failed to reach an agreement over the Strait of Hormuz or Tehran's nuclear program."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING said. As of 3:45 pm UAE time, the Brent crude oil futures stood at nearly $89.322 per barrel, up 0.91% from the previous day.As part of the attacks on the Strait of Hormuz, Abu Dhabi National Oil Co., or Adnoc, confirmed that one of its vessels was attacked on the evening of Aug. 14, but it did not result in any injuries.Back home, the UAE completed trade worth 304.3 billion Emirati dirhams in the first half with countries with which it has implemented comprehensive economic partnership agreements. The country signed 38 such deals, with Canada and Ukraine agreeing to join its network of trading partners in July.On the corporate front, Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, received a potential takeover offer from Abu Dhabi Developmental Holding Co., a subsidiary of L'imad Holding, to acquire the port and industrial zones developer's entire issued and paid-up share capital. AD Ports' shares closed the session 14.9% in the green.Over in Dubai, Al Sagr National Insurance (DFM:ASNIC) reported a wider loss for the first half, while Agility Public Warehousing Co. (DFM:MKHZN), d/b/a Makhazen, logged a decrease in its attributable loss for the six months ended June 30. Al Sagr closed the session flat.
