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12 stories mentioning DFM:DIBUpdated 11d ago

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Asia Markets

Emirati Equities Extend Losses Ahead of PMI Data

Stocks in the United Arab Emirates fell for the third consecutive trading day on Wednesday, as the FTSE ADX General Index declined 0.682%, and the DFM General Index lost 0.331%.Markets await the release of the highly anticipated UAE S&P Global Purchasing Managers' Index data for August on Thursday to get insights into the country's non-oil private sector performance. The PMI rose to 52.7 in July from 50.8 in June.On the geopolitical front, the US Central Command said it attacked Islamic Revolutionary Guard Corps air defense sites, radar systems, and communications sites in response to Iran's attacks on commercial shipping in the Strait of Hormuz.Iran responded by targeting US bases in Jordan, Bahrain, and Kuwait, despite US President Donald Trump's warning that the country would be hit at a "much harder and higher level" if it retaliated."Brent pushed back above $95/bbl, reaching its highest level in more than a month, as Persian Gulf tensions escalated further," ING analysts said. "Developments in recent days brought risks to regional oil supplies back into focus. We've seen oil flow through the Strait of Hormuz despite the stalemate between the US and Iran, but rising tensions clearly put crossings at risk."Closer to home, the UAE Central Bank concluded its participation in the Fourth G20 Finance and Central Bank Deputies Meeting and the Second G20 Finance Ministers and Central Bank Governors Meeting in the US as part of its efforts to enhance the stability of the international financial system.Over to corporates, First Abu Dhabi Bank (ADX:FAB) completed live US dollar transactions with Citi using tokenized deposits and Swift smart contract settlements to enable 24/7 cross-border payments. FAB said it is the first bank in the Middle East and Africa to complete transactions at scale under Swift's Ledger Minimum Viable Product. Shares of the Emirati lender closed the session 0.93% lower.Dubai Islamic Bank (DFM:DIB) closed its debut three-year senior unsecured commodity murabaha term facility of $750 million to diversify its funding base. The Dubai-listed lender's stock was 0.27% in the green at closing.

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Asia Markets

Emirati Shares Close Mixed as Investors Assess US Fed Meeting Minutes

United Arab Emirates' two benchmark indices diverged on Thursday as investors digested minutes of the US Federal Reserve's latest policy meeting, weighing signals on future rate cuts.At the close of trading, the FTSE ADX General Index was up 0.694%, while the DFM General Index was little changed at 0.04% in the red."The minutes to the July Federal Reserve FOMC policy meeting lean a touch hawkishly, but that was to be expected given three officials had dissented. Beth Hammack, Lorie Logan and Neel Kashkari had all voted for an immediate 25bp interest rate increase, while nine other committee members voted to hold the fed funds range at 3.5-3.75%," ING said. "The minutes showed 'several participants' favoured a rate hike and 'many' assessed that rate hikes would likely be needed if inflation didn't decline. In the end though 'most' supported holding rates steady."Over to geopolitics, US President Donald Trump said in a social media post that he would intensify economic pressure on Iran and also vowed "tremendous" economic consequences against countries supporting or trading with the Middle Eastern country.The latest comments from Trump also put upward pressure on oil prices, which extended gains for a fifth consecutive day. As of 03:43 pm UAE time, Brent crude oil futures were trading at nearly $94.262 per barrel, up 2.88% from the previous day.Back home and on the corporate side, Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, shares closed the session flat. The port and industrial zones developer announced that Abu Dhabi Developmental Holding Co., d/b/a ADQ, appointed International Securities LLC as the co-manager of its voluntary conditional cash offer for the company.Dubai Islamic Bank (DFM:DIB) launched a new off-plan home finance proposition, offering customers Sharia-compliant financing of up to 50% of the property value being purchased from developers in the country. Shares of the Emirati lender were up 0.95% at closing.

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Asia Markets

Emirati Equities Close Mixed as US Inflation Cools

Stock trading in the United Arab Emirates ended in the opposite direction on Wednesday as the FTSE ADX General Index lost 0.211%, while the DFM General Index added 0.346%.The US inflation print for June came in softer-than-expected as headline CPI fell 0.4% monthly and grew 3.5% on an annual basis. Core CPI, on the other hand, remained flat for the month and rose 2.6% year over year."In light of today's lower inflation figures, which are the last important data point before the 29 July Fed meeting, it is highly likely that the US central bank will keep the key interest rate at 3.50-3.75%. For the rest of the year however, much will depend on future developments in the Middle East and energy prices. Nevertheless, we believe that both Trump and Iran are interested in de-escalation. This would eliminate the need for the Fed to raise the key interest rate this year," Berenberg said.On the oil front, shipping through the Strait of Hormuz remained stalled amid the continued exchange of attacks between the US and Iran. The US resumed its blockade of Iranian ports on Tuesday, while Iran's Islamic Revolutionary Guard Corps vowed to close more waterways in retaliation.Zooming in at home, the Dubai Multi Commodities Centre, or DMCC, partnered with Botswana Stock Exchange Group to support the trade of Botswana-based commodities in the international market under a signed memorandum of understanding.On the corporate side, shares of Sharjah Islamic Bank (ADX:SIB) closed the session 1.03% higher as FAB Securities affirmed its buy rating with a price target of 3.85 Emirati dirhams after its second-quarter net profit growth exceeded the financial services company's estimates.Dubai Islamic Bank (DFM:DIB) recorded a higher attributable net profit of 3.57 billion dirhams, driven by growth in both funded and non-funded income streams. Its shares were 0.79% in the green at the time of closing.

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Research

Arqaam Capital Lowers Dubai Islamic Bank's PT, Keeps at Buy

Arqaam Capital on Tuesday reduced the price target for Emirati lender Dubai Islamic Bank (DFM:DIB) to 8.50 Emirati dirhams from 8.70 dirhams and affirmed its buy rating.

DFM:DIB
Research

Citi Keeps Dubai Islamic Bank at Neutral, Lifts PT

Citi on Tuesday increased the price target for United Arab Emirates-based lender Dubai Islamic Bank (DFM:DIB) to 7.85 Emirati dirhams from 7.65 dirhams, while maintaining its neutral rating.

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Equities

Emirati Shares Close Mixed Ahead of US Inflation Data

Stocks in the United Arab Emirates struggled to find direction on Wednesday as investors await the latest inflation report from the world's top economy.At the close of trading, the FTSE ADX General Index added 0.16%, while the DFM General Index was down 0.472%.​The US Bureau of Labor Statistics will publish the consumer price index print for May later in the day. The data will assist investors in assessing the impact of the Iran war and higher energy prices on US inflation and future monetary policy."The highlight will be the release of the May CPI report, where headline inflation is expected to rise above the 4.0% YoY level for the first time since May 2023 and core CPI is expected to rise 0.3% month-on-month and 2.9% (2.8% prior) YoY. Assuming those levels are delivered, expect the market to continue pricing a Fed hike in December and the dollar to stay supported," ING said.On the geopolitical front, Middle East tensions re-escalated after the US attacked Iranian air defenses and radar sites in response to downing its helicopter over the Strait of Hormuz. Iran's Revolutionary Guards retaliated by firing missiles and drones at US military bases in Kuwait, Jordan, and Bahrain."With 11.8 million barrels per day (bpd) shut in across six Gulf producers, the conflict has become the most severe supply disruption in the modern oil era," Rystad Energy's MENA Research Director Aditya Saraswat commented. "Despite a fragile memorandum of understanding between the US and Iran that had raised hopes of a deal, both sides have since returned to air strikes, narrowing the diplomatic track and widening the tail risk of a prolonged shock."Over to corporates, GFH Bank (ADX:GFH, DFM:GFH) became a featured partner of the StartUp Bahrain University of Bahrain to support the StartUp Bahrain program aimed at providing students with practical exposure to entrepreneurship and early venture building. Shares of the investment group ended 0.46% higher on the Abu Dhabi bourse and 0.94% in the green on the Dubai Financial Market.Elsewhere, shares of Dubai Islamic Bank (DFM:DIB) ended the session 0.68% in the red. The lender priced $1 billion of additional tier 1 perpetual non-call sukuk for regional and international investors with an orderbook exceeding $2.3 billion.

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Research

AlphaMena Trims Dubai Islamic Bank's PT, Keeps at Add

AlphaMena on Monday reduced the price target for United Arab Emirates-based lender Dubai Islamic Bank (DFM:DIB) to 8.83 Emirati dirhams from 9.03 dirhams and maintained its add rating.

DFM:DIB
Research

HSBC Lowers Dubai Islamic Bank's PT, Affirms Hold Rating

HSBC on Monday decreased the price target for lender Dubai Islamic Bank (DFM:DIB) to 7.30 Emirati dirhams from 7.70 dirhams and maintained its hold rating.

DFM:DIB
Research

International Securities Upgrades Dubai Islamic Bank to Buy

International Securities on Wednesday upgraded United Arab Emirates-based lender Dubai Islamic Bank (DFM:DIB) to buy from hold and kept its price target at 9.20 Emirati dirhams.

DFM:DIB
Research

Arqaam Capital Upgrades Dubai Islamic Bank to Buy, Lowers PT

Arqaam Capital on Tuesday upgraded Dubai-listed lender Dubai Islamic Bank (DFM:DIB) to buy from hold and reduced its price target to 8.70 Emirati dirhams from 9.70 dirhams.

DFM:DIB
Research

GTN Middle East Reduces Dubai Islamic Bank PT, Maintains at Neutral

GTN Middle East on Thursday decreased the price target for United Arab Emirates-based lender Dubai Islamic Bank (DFM:DIB) to 8.50 Emirati dirhams from 10 dirhams, while keeping its neutral rating.

DFM:DIB
Research

UBS Reduces Dubai Islamic Bank's PT, Keeps at Neutral

UBS on Tuesday decreased the price target for United Arab Emirates-based lender Dubai Islamic Bank (DFM:DIB) to 8.00 Emirati dirhams from 9.20 dirhams and affirmed its neutral rating.

DFM:DIB

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