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Asia Markets

UAE Indices Rebound; Dubai's Emaar Properties Soars

United Arab Emirates equities were back in the green on the last trading day of the week, buoyed by optimism over a possible US-Iran peace deal. At the close of Friday trading, the FTSE ADX General Index added 2.718%, while the DFM General was up 3.84%.US President Donald Trump, in a post on his social media platform Truth Social, said that he is canceling planned attacks on Iran after approval of discussions with Iran's "highest level" leadership. Trump also told White House reporters that a peace deal could be signed over the weekend in Europe.While markets await Iran's official confirmation on the proposed deal, Bloomberg News reported, citing G7 officials, that both countries are moving closer towards signing the agreement, which could take place in Geneva."It's not the first time we've been in this position. Trump has said many times before that a deal is very close, only for hostilities to resume. However, there does appear to be more positive noise around the deal this time, not just from the US but also from other parties involved in the negotiations," ING said. "Obviously, the key is the message coming out of Tehran. And for now, it has been very quiet. Therefore, we would be cautious about assuming that the extension of the ceasefire is a done deal."Closer to home, the Central Bank of the UAE and the World Bank Group agreed to collaborate on financial literacy, digital fraud prevention, and financial dispute resolution as part of an ongoing partnership between the two lenders.Over to corporates, Real estate developer Emaar Properties (DFM:EMAAR) was the Dubai bourse's most traded stock by value and closed 8.33% higher after announcing plans to disclose a 200 billion-dirham master-planned development in Dubai.International Holding Co. (ADX:IHC) shares closed the session flat as it launched the first tranche of its 5 billion-Emirati-dirham share repurchase program to buy back 1.8 billion dirhams worth of shares on Friday.The UAE bourses will be out on June 15 for the new Hijri Year 1448 or the Islamic New Year.

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Asia Markets

UAE Stocks in Red as US Rejects Iran's Response to Peace Plan

Markets in the United Arab Emirates closed lower on Monday as the FTSE ADX General Index fell 0.526%, while the DFM General Index declined 1.39%.Oil prices climbed after US President Donald Trump said in a social media post that he did not like Iran's response to the US peace proposal and deemed it "totally unacceptable." According to reports, Iran's counterproposal included compensation for war damages, full sovereignty over the Strait of Hormuz, and lifting of all sanctions, among others."While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi later this week could yield positive results on Iran. The hope is that China can use its influence over Iran to push it closer towards a peace deal. Clearly, this is easier said than done," ING said.As of 3:43 pm UAE time, the Brent crude oil futures stood at nearly $103.92 per barrel, up 2.60% from the previous day.On the economic front, the US Bureau of Labor Statistics will release the consumer price index report for April on Tuesday, with analysts expecting a 0.5% monthly and a 3.6% annual increase in headline inflation. Core CPI is expected to increase to 0.3% monthly and 2.6% on an annual basis.Back home and on the corporate front, Adnoc Drilling (ADX:ADNOCDRILL) recorded a 5% year-over-year growth in revenue for the first quarter, supported by increased oilfield services and offshore segment activities. Shares of the offshore drilling company closed the session 0.32% in the red.Emaar Development (DFM:EMAARDEV) and Emaar Properties (DFM:EMAAR) shed 2.11% and 1.78%, respectively, despite recording higher attributable profits. Salik (DFM:SALIK), on the other hand, lost 1.71% after its attributable profit and revenue for the period declined year over year.

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Asia Markets

Emirati Equities Gain Amid Key Economic Data Focus; Adnoc Drilling Soars

Shares in the United Arab Emirates kicked off the week higher as the FTSE ADX General Index added 0.320%, while the DFM General Index gained 0.226% at the close of Monday trading.Investors will await the release of the UAE's S&P Global PMI data for April on Tuesday to get insights into the country's non-oil private sector activity. The metric dropped to 52.9 in March from 55 in February.On the oil front, OPEC+ agreed to raise oil output in June by 188,000 barrels per day following the UAE's exit from the group and amid supply disruptions caused by the continued closure of the Strait of Hormuz."The exit of OPEC's third-largest producer substantially weakens the organisation and raises questions over its survival as an effective cartel. As the UAE increases output outside OPEC, the group's share of global supply will decline, reducing its ability to manage prices. If the UAE successfully raises output and revenue outside the cartel, it could also undermine the value of membership for other producers with large reserves or ambitions to raise output, such as Venezuela," Oxford Economics said in a note.On the corporate side, Adnoc Drilling (ADX:ADNOCDRILL) was the Abu Dhabi bourse's most traded by value and closed the session at 9.17% in the green. The offshore drilling company concluded the purchase of an 80% stake in the drilling and oilfield services joint venture MB Petroleum Services.Dubai-listed Parkin Co. (DFM:PARKIN) secured a multi-year parking enforcement services deal from Emaar Properties (DFM:EMAAR) unit Emaar Mall Management. Parkin's stocks ended 1.54% lower while Emaar Properties closed the session 1.70% higher.On the geopolitical front, US President Donald Trump launched "Project Freedom" to guide ships and crews safely out of the Strait of Hormuz, while also adding that his representatives are having "very positive" discussions with Iran."After a volatile week, the oil market is steadier as the market digests President Trump's plan to get vessels through the Strait of Hormuz," ING said. "Reports indicate that, for now, the plan won't involve the US Navy escorting vessels. Even if this allows vessels to leave the Persian Gulf, we're likely to see little inbound traffic. This would only amount to temporary relief, as floating storage leaves the Persian Gulf.

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Research

UBS Reduces Emaar Properties' PT, Keeps at Buy

UBS on Wednesday decreased the price target for property developer Emaar Properties (DFM:EMAAR) to 16.00 Emirati dirhams from 20.10 dirhams and confirmed its buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

DFM:EMAAR
Research

Kepler Cheuvreux Kicks Off Emaar Properties' Coverage at Buy

Kepler Cheuvreux on Monday began its coverage of property company Emaar Properties (DFM:EMAAR) with a buy rating and a price target of 15.50 Emirati dirhams.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

DFM:EMAAR