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Asia Markets

UAE Shares Blink Red; Oil Prices Fall After US-Iran Strikes Ease

Stocks in the United Arab Emirates closed lower despite a suspension of hostilities between the US and Iran, sending oil prices down and lifting investor optimism for renewed peace talks.At the close of Tuesday trading, the FTSE ADX General Index fell 0.104%, while the DFM General Index lost 0.93%.Oil prices were trading lower after US President Donald Trump said talks with Iran are underway and there is a "good chance" of a deal. Trump also warned to resume military action if the talks fail."We have been in this position multiple times before, and so the market may be getting a bit ahead of itself. At the end of the day, there has been no improvement in tanker flows through the Strait of Hormuz. If this move lower is to be sustained, we will need to see a recovery in flows through the strait," ING said. "Furthermore, even in the event of a deal, one would expect that the market will need to continue to price in a large risk premium, given that recent events have demonstrated how quickly a deal can unravel."Brent crude oil futures stood at nearly $86.94 per barrel as of 3:38 pm UAE time, down 1.61% from the previous day.Zooming in at home, the Dubai International Financial Centre's number of active registered companies and regulated financial services firms grew to 10,018 and 1,134, respectively, for the first half.On the corporate side, Fertiglobe (ADX:FERTIGLB) logged a 237% year-over-year growth in attributable profit and a 59% increase in revenue for the first half amid higher market prices of urea and ammonia. The fertilizer company closed the session 0.38% higher.Elsewhere, United Securities LLC affirmed its buy rating on Emirates NBD Bank (DFM:EMIRATESNBD) and revised its price target to 36 Emirati dirhams per share, citing the lender's strong operational performance in the second quarter. Its shares lost 2.50% at closing.

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Asia Markets

Emirati Bourses Close Higher as Financial Stocks Rally

Shares in the United Arab Emirates were back in the green on Thursday as the FTSE ADX General Index gained 0.708%, while the DFM General Index added 0.237%.With the earnings season in full swing, investors welcomed the latest corporate earnings reports from the region's major lenders, including First Abu Dhabi Bank (ADX:FAB) and Emirates NBD Bank (DFM:EMIRATESNBD).First Abu Dhabi Bank was the Abu Dhabi bourse's most traded by value during the session and closed 6.26% higher. The personal and private banking group recorded a higher first-half attributable net profit driven by a 7% annual growth in operating income.Emirates NBD Bank's attributable profit for the period also rose amid strong growth in net interest and non-funded income, supported by disciplined cost management. Its shares closed the session 3% in the green.In other news, DP World partnered with the Fujairah Ports Authority to develop the Al Rugaylat container and Dibba Al Fujairah Port in Fujairah under a 50-year concession agreement. The initiative aims to attract investment, enhance economic infrastructure, and create new job opportunities.Across the pond, the US Central Command concluded a 12th consecutive night of strikes on Iran amid no signs of de-escalation. Keeping sentiment subdued were US President Donald Trump's threats to bomb and destroy Iran's bridges and power plants if the Middle Eastern country attacked any ship in the Strait of Hormuz."So far, the official news organs in Iran report that Iran isn't backing down on its claims to the Strait of Hormuz and that its officials have even dismissed US President Donald Trump's claim that Iran is seeking to begin a new round of negotiations, effectively shutting down the reports of 'peace' that emerged first on Monday. So Brent crude is higher again today by about USD 4/bbl, and back up to the levels not seen since early June, before the US-Iran MoU was signed," Macquarie said in a note.

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Research

Autonomous Research Begins Emirates NBD Coverage at Outperform

Autonomous Research on Thursday initiated its coverage of Dubai-listed lender Emirates NBD (DFM:EMIRATESNBD) with an outperform rating and a price target of 36.70 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Asia Markets

UAE Indices Diverge as US-Iran Hold Indirect Talks

Stocks in the United Arab Emirates struggled to find direction on Wednesday as markets await the outcome of indirect technical talks between the US and Iran taking place in Qatar.At the close of trading, the FTSE ADX General Index declined 0.16%, while the DFM General Index added 0.915%.US envoys Jared Kushner and Steve Witkoff met Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani on Tuesday to discuss the ongoing situation with Iran. Iran, however, said it will not meet the US delegates but is engaged with Qatari mediators.Oil prices dropped slightly as markets remained optimistic that both countries would work out a deal to reopen the Strait of Hormuz and that oil flows through the waterway could return to pre-war levels. Brent crude oil futures stood at nearly $72.383 per barrel as of 3:17 pm UAE time, down 0.78% from the previous day."Oil prices came under further pressure yesterday, leaving ICE Brent to close out its weakest quarter since 2020, dragged down by growing confidence that Persian Gulf crude flows are on the mend," ING analysts said. "The oil market continues to take an optimistic view on a supply recovery from the Persian Gulf, despite recent flare-ups between the US and Iran. Indirect talks in Doha this week have reportedly been positive."Zooming in at home, UAE President Sheikh Mohamed bin Zayed Al Nahyan met with his Chadian counterpart, Mahamat Idriss Déby Itno, to discuss their comprehensive economic partnership agreement and bolster their bilateral ties in the economy, trade, and renewable energy sectors.Over to corporates, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, agreed to buy a 50% stake in AG Group, an integrated business group based in Dubai. The building materials company's stocks closed the session 1.21% in the green.Emirates NBD (DFM:EMIRATESNBD) shares closed 1.56% higher as it signed a memorandum of understanding with Alba Cars to offer short-term automotive financing services to local dealers and partners.

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Asia Markets

Emirati Equities Extend Rally as Central Bank Keeps Base Rate Unchanged

Shares in the United Arab Emirates extended their winning streak to a third day as investors assessed the Central Bank's decision to keep its base rate unchanged.At the close of Thursday trading, the FTSE ADX General Index gained 1.173%, while the DFM General Index added 2.51%.The UAE Central Bank decided to hold the base rate applicable to the overnight deposit facility at 3.65%, mirroring the US Federal Reserve's move on Wednesday to keep the federal funds rate unchanged between 3.50% and 3.75%. The decision was driven by the Emirati dirham's peg to the US dollar.The Emirati primary financial regulator also kept the interest rate applicable to borrowing short-term liquidity at 50 basis points above the base rate for all standing credit facilities."While Chair Warsh was unwilling to indicate the direction of the Fed funds rate ahead, nine of his 18 colleagues had no such reservations and pencilled in a hike to 3.75-4.00% by year end in the dot plot. That was a big change from the previous iteration in March, in which 12 out of 19 expected to cut this year. This, alongside Warsh's defence of his Fed's commitment to the 2% inflation half of the Fed's mandate led investors to price in 38bp of tightening this year up from 21bp previously. A hike is now fully priced in by October," Berenberg said.Boosting sentiment is the electronic signing of a 14-point memorandum of understanding between US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, to end their war and reopen the Strait of Hormuz.Back home and on the corporate side, Ras Al Khaimah Co. for White Cement and Construction Materials (ADX:RAKWCT) closed 4.46% in the green. The ceramic manufacturer will pause trading on July 13 due to its annual general meeting.Meanwhile, in Dubai, Shares of Emirates NBD (DFM:EMIRATESNBD) closed 7.21% higher as it concluded the purchase of a majority stake in Indian private sector bank RBL Bank after receipt of required approvals and fulfillment of closing conditions.

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Research

Morgan Stanley Reduces Emirates NBD's PT, Keeps Equalweight Rating

Morgan Stanley on Tuesday reduced the price target for Dubai-listed lender Emirates NBD (DFM:EMIRATESNBD) to 31 Emirati dirhams from 35 dirhams and affirmed its equal weight 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Research

AlphaMena Trims Emirates NBD PT, Keeps Add Rating

AlphaMena on Thursday reduced the price target for Dubai-listed lender Emirates NBD (DFM:EMIRATESNBD) to 35.50 Emirati dirhams from 35.80 dirhams, while maintaining its add 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Research

Jefferies Lifts Emirates NBD's PT, Keeps at Hold

Jefferies on Monday raised the price target for Dubai-listed lender Emirates NBD (DFM:EMIRATESNBD) to 33.50 Emirati dirhams from 33.00 dirhams and affirmed its hold 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Research

AlphaMena Trims Emirates NBD's PT, Keeps Add Rating

AlphaMena on Friday reduced the price target for Dubai-listed lender Emirates NBD (DFM:EMIRATESNBD) to 35.70 Emirati dirhams from 36.60 dirhams and affirmed its add 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Research

Citi Lifts Emirates NBD PT, Maintains Buy Rating

Citi on Monday increased the price target for Dubai-based lender Emirates NBD (DFM:EMIRATESNBD) to 35.35 Emirati dirhams from 33.50 dirhams, while reiterating 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Research

FAB Securities Upgrades Emirates NBD to Buy

FAB Securities on Friday upgraded Dubai-based lender Emirates NBD (DFM:EMIRATESNBD) to buy from hold, while keeping its price target at 33.50 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Asia Markets

UAE Shares End Lower; Oil Prices Rise as US-Iran Peace Talks Stall

Shares in the United Arab Emirates closed in the red as oil prices rose amid no signs of a resolution of the conflict between the US and Iran.At the close of Thursday trading, the FTSE ADX General Index lost 0.399%, while the DFM General Index was little changed at 0.034% in the red."[The] absence of any peace talks between the US and Iran has led investors to price in a longer conflict again, along with a more extended closure of the Strait of Hormuz. Indeed, the US blockade is still in place, and yesterday Iran said they'd seized two commercial ships in the Strait. So if anything, the latest moves pointed in an escalatory direction," Deutsche Bank Research commented.As of 3:50 pm UAE time, the Brent crude oil futures stood at nearly $102.604 per barrel, up 0.68% from the previous day.Back home and on the corporate front, the bourses saw the release of the first-quarter earnings report from the financial sector.Abu Dhabi Commercial Bank (ADX:ADCB) reported a higher attributable profit of 3.36 billion Emirati dirhams backed by an 18% year-over-year growth in operating income. On the other hand, First Abu Dhabi Bank's (ADX:FAB) attributable profit for the period slipped. Shares of the lenders ended the session flat and 2.11% in the red, respectively.Dubai-listed Emirates NBD (DFM:EMIRATESNBD) lost 0.14% despite solid first-quarter results backed by an increase in income and asset growth, efficient cost management, and record nonfunded income growth."Emirates NBD delivered a 21% higher income yoy of AED 14.4 billion, propelled by strong loan growth and a record non-funded income growth," Emirates NBD Group Chief Executive Officer Shayne Nelson commented. "The Group's balance sheet continues its growth momentum, with total assets exceeding AED 1.2 trillion, driven by strong lending growth of AED 45 billion in the first quarter of 2026," Nelson further added.

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Research

GTN Middle East Affirms Emirates NBD at Buy, Boosts PT

GTN Middle East on Thursday raised the price target for Dubai-based lender Emirates NBD (DFM:EMIRATESNBD) to 38 Emirati dirhams from 32 dirhams, while confirming 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://finwires.com/en/contact)

DFM:EMIRATESNBD
Asia Markets

Abu Dhabi, Dubai Stocks Extend Winning Streak; Aldar Properties Blinks Green

Emirati equities extended their gains to a third day as the FTSE ADX General Index gained 0.261%, and the DFM General Index added 1.077% at the close of Thursday trading.US President Donald Trump said in a social post that Israel and Lebanon will speak on Thursday. Trump also mentioned that China is "very happy" with his permanent opening of the Hormuz waterway and agreed not to send its weapons to Iran.Oil prices remained steady amid the US blockade of Iranian ports, with the US Central Command stating that no vessels were able to pass their forces, while nine vessels were ordered to turn back to Iran in the first 48 hours of the blockade."For now, our base case is that energy flows will start to make a gradual recovery through the second quarter. However, flows will remain below pre-war levels until at least year-end. This would see Brent averaging $96/bbl over 2Q26 and $89/bbl over the full year 2026. A more extreme scenario would be where Persian Gulf flows remain mostly cut off, while escalation sees extensive infrastructure damage, and risks to Red Sea oil flows also grow, which could see Brent trading over $150/bbl," ING said.Zooming in at home, the Central Bank of the United Arab Emirates issued a revised guidance on anti-money laundering and combating the financing of terrorism and proliferation financing to boost the efficiency of the financial sector.Back home, Aldar Properties (ADX:ALDAR) added 0.12% as it closed a 5 billion-Emirati-dirham sustainability-linked revolving syndicated credit facility to bolster its liquidity position and financial flexibility.Dubai-listed Emirates NBD (DFM:EMIRATESNBD) partnered with Dubai Holding Real Estate to offer integrated mortgage financing services to enhance off-plan home purchases in Dubai. Shares of the lender closed the session 1.50% in the red.

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Research

Jefferies Cuts Emirates NBD PT, Maintains Hold Rating

Jefferies on Sunday decreased the price target for Dubai-based lender Emirates NBD (DFM:EMIRATESNBD) to 33 Emirati dirhams from 40 dirhams, while keeping its hold 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://finwires.com/en/contact)

DFM:EMIRATESNBD

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