DFM:DUBAIRESI

3 stories mentioning DFM:DUBAIRESIUpdated 30d ago

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Abu Dhabi, Dubai Stocks Fall Amid US-Iran Talks Uncertainty

Stock trading in the United Arab Emirates ended in the red again as uncertainty over potential talks between the US and Iran weighed on sentiment.At the close of Tuesday trading, the FTSE ADX General Index was down 0.359%, while the DFM General Index lost 0.63%.US President Donald Trump said in a social media post on Monday that a meeting with Iran will take place in Doha on Tuesday at the latter's request, conflicting with Iranian Foreign Ministry spokesperson Esmaeil Baghaei's same-day statement that no talks were planned with the US in the coming days."The price action in recent weeks reflects a market that is treating this temporary ceasefire between the US and Iran as a permanent deal. This is clearly not the case, and as we have seen over the last four months, the situation can change very quickly," ING said. "It took long enough to agree on a temporary ceasefire. Reaching a permanent deal which tackles the nuclear issue within 60 days would be very optimistic."Back home, the UAE and Ukraine's comprehensive economic partnership agreement will become effective on Wednesday. The deal focuses on new trade and investment opportunities, the elimination and reduction of certain tariffs, and enhancing private sector collaboration between the two countries.Amid a quiet day on the corporate side, Sagasse Investment Co. (ADX:SAGA) returned to trading on the Abu Dhabi bourse following a temporary suspension due to its annual general meeting. Shares of the investment company closed the session flat.Shares of Dubai Residential REIT (DFM:DUBAIRESI) ended the session 0.79% in the red. The pure-play real estate investment trust purchased 220 townhouses at Jebel Ali Village residential community in Dubai at a forward purchase price of 894 million Emirati dirham.

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Asia Markets38d ago

Emirati Shares Begin New Week Upbeat; US-Iran Peace Talks Progress

United Arab Emirates stocks closed higher on the first trading day of the week, buoyed by progress in peace talks and easing tensions between the US and Iran.At the close of Monday trading, the FTSE ADX General Index was up 0.189%, while the DFM General Index added 0.324%.The US and Iran concluded their first round of talks mediated by Pakistan and Qatar in Switzerland. Both countries agreed to a 60-day roadmap towards reaching a final deal, the establishment of a direct communication line to safeguard commercial vessels passing through the Strait of Hormuz, and a mechanism to end military operations in Lebanon."While the market is pricing a reopening of the Strait, risks remain to oil supply related to the negotiations. If the negotiations around nuclear materials and operations are unsuccessful, there is no guarantee that the Strait will remain open. Further conflict in Lebanon between Israel and Hezbollah could also derail the negotiations," Berenberg said.Back at home, Abu Dhabi Registration Authority logged a 21% year-over-year growth in new economic licenses in the first quarter despite the ongoing regional developments in the Middle East.On the corporate front, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, closed the session 0.57% in the red. The building materials company appointed Woods Bagot as the lead master planning consultant for its sustainable urban development project in Abu Dhabi.On the other hand, pure-play real estate investment trust Dubai Residential REIT (DFM:DUBAIRESI) secured inclusion in the FTSE EPRA Nareit Emerging Index following a recent review by FTSE Russell. Its shares ended the session unchanged.

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Asia Markets94d ago

Emirati Shares Start US Fed Week Upbeat; Dubai Residential REIT Gains

Stocks in the United Arab Emirates kicked off a new trading week in the green as investors shifted their focus to the US Federal Reserve's closely watched interest rate decision due later in the week.At the close of Monday trading, the FTSE ADX General Index added 0.397%, while the DFM General Index gained 0.281%.On the economic calendar this week is the release of the US Fed interest rate decision on Wednesday, with analysts expecting the federal funds rate to remain unchanged within the 3.50% to 3.75% range. Other major central banks in Japan, Canada, and England will also announce their interest rate policies this week."Faced with rising energy prices and higher inflation, and both consumption and employment holding up, the Fed will have to tread carefully to avoid making the mistakes of 2022. There is no way the Fed is in a position to signal the 'all-clear' on inflation, and with equity markets at their highs, the Fed may be inclined to warn of the need for rates to stay unchanged for longer," ING said.On the geopolitical front, US President Donald Trump canceled the visit of his officials to Pakistan scheduled for the weekend, stating that Iran would need to call if they want to continue negotiations. Reuters reported, citing US news outlet Axios, that Iran offered a new proposal to the US to open the Strait of Hormuz and to postpone talks related to the former's nuclear program to a later stage.Back home and on the corporate front, Emirates Driving Co. (ADX:DRIVE) reported a higher attributable profit and a 13% increase in revenue due to high student enrollments. The Abu Dhabi-listed driver training school operator's stocks closed the session 0.67% higher.Dubai Residential REIT (DFM:DUBAIRESI) added 2.61% after its first-quarter revenue jumped 8.4% year-on-year, backed by strong leasing activity and growth in the real estate investment trust's core residential segments.

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