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Asia Markets

UAE Shares Diverge as Fresh US-Iran Strikes Send Oil Above $100

Stocks in the United Arab Emirates closed mixed on Wednesday as heightened tensions in the Middle East pushed oil prices above $100 a barrel for the first time since July.At the close of trading, the FTSE ADX General Index was up 0.854%, while the DFM General Index declined 0.324%.The US Central Command said Tuesday it destroyed five Iranian crude oil carriers in response to the Islamic Revolutionary Guard Corps' attempted ballistic missile strikes on a US Navy warship over the previous two days. Iran retaliated by attacking US bases in Jordan and also warned to target vessels in the Persian Gulf."The US strikes against Iran appear limited, and the Iranians appear to be focused on local US bases. The harsh reality of ships getting hit like the Sidr and the Senegal Prosperity brings home that this is an ongoing conflict and that until it reaches a definitive resolution (which feels some way off), it has potential to escalate and de-escalate," Macquarie said in a note. "With more oil going through the Hormuz (albeit with vessels getting hit), we are in neither a situation of max greed nor a situation of max fear."Brent crude oil futures stood at nearly $100.87 per barrel as of 3:47 pm UAE time, up 3.02% from the previous day.Back at home, Abu Dhabi Securities Exchange integrated US-based financial services company Virtu Financial's POSIT technology to launch a block-trading indications network for its listed equity securities, allowing its customers to complete block trades with minimal impact and information leakage.Over to corporates, Al Seer Marine Supplies and Equipment Co. (ADX:ASM) concluded the sale and delivery of its Twin Pollux very large crude carrier and plans to use the proceeds for reinvestment purposes. Shares of the marine equipment supplier closed the session 1.84% higher.Over in Dubai, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, secured US Green Building Council's LEED Gold certification for its Jumeirah Beach Hills district cooling plant. Empower closed 1.88% lower.

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Asia Markets

UAE Shares Blink Red as Renewed US-Iran Strikes Spook Investors

Markets in the United Arab Emirates started the new trading week in negative territory as risks of renewed escalation between the US and Iran weighed on sentiment.At the close of Monday trading, the FTSE ADX General Index lost 0.369%, while the DFM General Index declined 0.793%.Oil prices rose as the US struck two Islamic Revolutionary Guard Corps rocket launchers on Larak Island in the Strait of Hormuz, targeting minelaying forces. Iran retaliated by attacking US bases in Jordan and claiming drone strikes on the Al Minhad Air Base in the UAE.Meanwhile, the UAE's Ministry of Defence said it identified and intercepted an Iranian unmanned aerial vehicle but denied reports of strikes on Al Minhad Air Base."Oil prices started the week stronger following the first military strikes between the US and Iran in a month. ICE Brent briefly moved back above US$90/bbl in early morning Asia trading," ING said. "This reinforces concerns about a prolonged stalemate between both sides and, as a result, disruptions to energy flows from the Persian Gulf."Back home and on the corporate front, Alpha Dhabi Holding (ADX:ALPHADHABI) shares closed the session 1.17% in the red. The Abu Dhabi-listed investment holding company aims to double its capital commitment in the Mubadala Capital-managed Micad Credit joint venture to $1 billion and increase its ownership to 40% from 20%.United Securities affirmed its hold rating on Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, after its second-quarter net profit came in line with the investment manager's expectations. The cooling services company's revenue, however, was 16% below the forecast. Empower closed the session 0.63% lower.

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Asia Markets

Emirati Equities Diverge on Uncertainty Over US-Iran Talks

Stock trading in the United Arab Emirates ended Thursday mixed as investors await clarity on the renewed negotiations between the US and Iran.At the close of trading, the FTSE ADX General Index inched up 0.092%, while the DFM General Index was down 1.496%.Iran vowed to attack Gulf energy infrastructure in case of new US attacks, with Iranian Foreign Minister Abbas Araghchi urging Saudi, Qatari, and Turkish counterparts to press US President Donald Trump to avoid such actions, media reports said.Meanwhile, Iran said that an agreement with Oman was reached for a temporary shipping route through the Strait of Hormuz and that full reopening of the waterway will be based on the US ending the naval blockade of its ports."Iran signalled progress toward this goal, announcing that it has reached an agreement with Oman on new shipping arrangements for the strait, with a joint statement on the deal now being prepared," ING said. "The real hinge point now becomes the trajectory of US-Iran discussions, because meaningful progress there is essential before disrupted energy flows can realistically resume."Back home and on the corporate front, Abu Dhabi Aviation (ADX:ADAVIATION) recorded a marginal year-over-year growth of 0.1% in its first-half attributable profit, with a 28.2% increase in revenue. Its shares closed the session 0.19% in the red.Over in Dubai, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, lost 3.13% at closing despite a record 16.2% growth in net profit for the first six months driven by an increase in its total contracted capacity.

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Asia Markets

Emirati Shares Rebound Amid US-Iran De-escalation Hopes

Stocks in the United Arab Emirates rallied on Tuesday, buoyed by prospects of a de-escalation between the US and Iran.At the close of trading, the FTSE ADX General Index gained 0.347%, while the DFM General Index was 0.278% in the green.The US Central Command completed its 10th consecutive night of strikes on Iran, with US President Donald Trump stating in a social media post that the Middle Eastern country will pay "many times over" for the death of American soldiers. However, investors breathed a sigh of relief on news of a 10-day ceasefire proposed by mediators to resume negotiations between the two countries.Oil prices rose and were trading at nearly $90.567 per barrel at 3:40 pm UAE time after Yemen's Houthis threatened a naval blockade against Saudi Arabia, posing further risks of disruption in energy supplies."With the Gulf's primary maritime outlet largely closed, the market is increasingly dependent on Saudi Arabia's East-West pipeline and Red Sea terminals to maintain export flows. Any disruption at Bab el-Mandeb would therefore threaten not only Saudi shipments but one of the few remaining routes capable of compensating for the severe reduction in Hormuz traffic," Rystad Energy senior vice president and head of geopolitical analysis Jorge Leon commented. "If a ceasefire does not materialize and Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial."Turning to the region's corporate side, Aldar Properties (ADX:ALDAR) launched its new 592-apartment residential community named The Canopies on Yas Island in Abu Dhabi. Shares of the real estate developer closed the session 0.53% higher.Meanwhile in Dubai, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, awarded a contract for the development of a new district cooling plant in the Al Sufouh 2 area in Dubai. The Dubai-listed cooling services company's shares were 0.62% in the green at the time of closing.

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Asia Markets

Abu Dhabi, Dubai Bourses in Red as US-Iran Attacks Continue

Emirati Equities welcomed the new trading week in negative territory as the escalating hostilities in the Middle East weighed on investor sentiment.At the close of Monday trading, the FTSE ADX General Index fell 0.326%, while the DFM General Index lost 1.243%.Tensions between the US and Iran further escalated after both countries exchanged strikes over the weekend. The US Central Command attacked dozens of Iranian air defenses, radar, and missile sites, while the latter retaliated by striking US bases in the Gulf.Oil prices also rose after Iran claimed closure of the Strait of Hormuz and warned vessels against passing through it, reigniting fears of further disruption in supply."Oil prices are getting an additional boost this morning, with ICE Brent up around 4% at the time of writing amid increasing tensions in the Persian Gulf. It was another weekend of the US and Iran exchanging strikes. Clearly, the risk is that this escalates to levels seen early in the war, where neighbouring countries and their energy infrastructure are also targeted," ING said. "Escalation has slowed vessels transiting the strait to a trickle, renewing concerns over oil supply tightness through the third quarter."Back home and on the corporate front, Anan Investment Holding (ADX:ANAN) appointed BHM Capital Financial Services (DFM:BHMCAPITAL) as its liquidity provider for stocks listed on the Abu Dhabi bourse. Anan Investment ended 0.81% lower, while BHM Capital Financial Services ended the session 1.86% in the green.Elsewhere, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, closed the session 0.62% higher as it received a contract to supply district cooling services for the Mercedes-Benz Places Binghatti City project in Dubai.

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Research

Kepler Cheuvreux Raises Empower PT, Keeps Buy Rating

Kepler Cheuvreux on Thursday increased the price target for cooling services company Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, to 2.20 Emirati dirhams from 2.15 dirhams and maintained its buy rating.

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Asia Markets

Abu Dhabi, Dubai Stocks Fall Ahead of Key Economic Data

Stock trading in the United Arab Emirates ended lower on Tuesday as the FTSE ADX General Index declined 0.304%, while the DFM General Index was down 0.738%.The local economic calendar will see the release of the UAE S&P Global Purchasing Managers' Index report for May on Wednesday. The data, which provides investors with insights into the country's non-oil private sector activity, fell to 52.1 in April from 52.9 in March.On the geopolitical front, US President Donald Trump said that talks with Iran are continuing at a rapid pace, countering news that the latter is reportedly suspending indirect peace negotiations due to Israel's attacks in Lebanon. Trump also stated that both Hezbollah and Israel agreed to stop their attacks."Trump's intervention helped ease fears that the weekend's escalation in Lebanon would lead to a broader re-escalation between the US and Iran. Still, uncertainty over the possible US-Iran deal persists, with growing doubts that the Strait of Hormuz will reopen soon," Deutsche Bank Research said.Back home, the Abu Dhabi Securities Exchange and Jordan's Amman Stock Exchange launched their electronic link through the Tabadul platform to enable cross-market trading through brokerage firms and offer expanded investment opportunities for investors in both countries.On the corporate front, stocks of Agility Global (ADX:AGILITY) closed the session 0.64% in the green as it purchased an industrial plot of land in Saudi Arabia for 700 million Saudi riyals.Dubai-listed Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, opened a command control center at its new headquarters in Dubai to manage operations and detect malfunctions across its plants and networks in the city. Its shares closed the session flat.

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Research

Jefferies Reduces Empower's PT, Maintains at Buy

Jefferies on Thursday decreased the price target for cooling services company Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, to 2 Emirati dirhams from 2.20 dirhams and kept its rating at buy.

DFM:EMPOWER
Research

International Securities Upgrades Empower to Buy Rating

International Securities on Thursday upgraded cooling services company Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, to buy from hold, while keeping its price target at 1.94 Emirati dirhams.

DFM:EMPOWER
Asia Markets

UAE Indices Gain Amid Corporate Earnings Buzz

Stock trading in the United Arab Emirates closed higher as investors digested a fresh batch of corporate earnings from the region.At the close of Thursday trading, the FTSE ADX General Index was little changed at 0.016% in the green, while the DFM General Index was up 0.567%.The Emirati bourses saw the release of first-quarter earnings reports from companies operating across various industries, such as International Holding Co. (ADX:IHC), d/b/a IHC, Bank of Sharjah (ADX:BOS), Burjeel Holdings (ADX:BURJEEL), and Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower.IHC declined 0.49% despite a 33.2% year-over-year growth in revenue. Bank of Sharjah delivered a record performance for the quarter, backed by growth in net interest income and solid credit risk management, but closed the session 1.55% in the red.Meanwhile, Burjeel Holdings and Emirates Central Cooling Systems both reported higher attributable profits and revenue and ended flat and 7.19% higher, respectively.The UAE and Japan agreed to hold ministerial talks on expanding joint crude oil stockpiles in the country and increasing UAE crude supplies, Reuters reported, citing the Japanese industry ministry.On the geopolitical front, Iran said it was reviewing a US proposal and will respond through Pakistani mediators. US President Donald Trump also said in a social media post that a deal will open the Strait of Hormuz for everyone, including Iran, and that the latter will face attacks at a "much higher level and intensity" if an agreement is not reached."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices. However, the physical market does not run on political timelines. Even under an optimistic scenario involving a 30-day phased reopening of the Strait of Hormuz, meaningful volume recovery would happen in June at the earliest, with processing port arrivals lagging by an additional four to six weeks after that," Rystad Energy's Chief Oil Analyst Paola Rodriguez-Masiu commented. "Global markets should not mistake a ceasefire headline for a supply headline."

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Research

Kepler Cheuvreux Maintains Empower at Buy, Lowers PT

Kepler Cheuvreux on Wednesday reduced the price target for cooling services company Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, to 2.15 Emirati dirhams from 2.30 dirhams, while confirming its buy rating.

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Japan

UAE Shares Gain as US-Iran Deal Hopes Lift Sentiment

Emirati shares ended Wednesday's trading session in the green, buoyed by increasing hopes that the US and Iran are close to making a deal.At the close of trading, the FTSE ADX General Index gained 0.855%, while the DFM General Index added 2.956%."Oil prices are under renewed pressure as the ceasefire between the US and Iran appears to be holding despite recent escalation in the Persian Gulf. Meanwhile, the market sold off further in early morning trading today after President Trump paused 'Project Freedom' as the US seeks a deal to end the war with Iran. Trump said 'great progress' has been made towards a 'complete and final agreement'," ING said.Reuters also reported, citing a Pakistani source, that the US and Iran are closing in on a one-page memorandum to end the war. The latest developments eased oil supply concerns and led to a decline in prices as Brent crude oil futures stood at nearly $97.82 per barrel at 3:06 pm UAE time, down 10.97% from the previous day.Back home and on the corporate front, shares of Dana Gas (ADX:DANA) closed 2.49% higher as it partnered with British advanced materials company Levidian to establish the Sharjah Graphene Park to boost the supply of high-quality graphene regionally.Elsewhere, Emirates Central Cooling Systems (DFM:EMPOWER), resumed trading on the Dubai bourse following a temporary suspension due to its board meeting. Shares of the cooling services company closed flat when it last traded on Tuesday.

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Asia Markets

UAE Shares Begin New Week Downbeat; Oil Prices Rise as US-Iran Talks Falter

Emirati stocks ended Monday's trading session in the red as failed negotiations between the US and Iran kept investors in a risk-off mode.At the close of trading, the FTSE ADX General Index fell 0.536%, while the DFM General Index lost 0.826%.Oil prices rose after the US and Iran failed to reach an agreement in Pakistan over the weekend. US President Donald Trump said in a social media post that the US Navy will commence the blockade of all tankers entering and exiting the Strait of Hormuz immediately."Oil markets rallied sharply on Monday after US-Iran talks collapsed over the weekend. ICE Brent jumped more than 9% in early trade, while NYMEX WTI pushed above $105/bbl. In response, the US military plans to implement a blockade of all maritime traffic entering and exiting Iranian ports from 10:00am Monday Washington time, while allowing vessels not calling at Iranian ports to continue transiting Hormuz. Despite this, two fuel tankers attempted to exit the Gulf via routes close to Iran's coastline, marking the first such movements since the blockade was announced," ING said.Back home, the Dubai Department of Economy and Tourism partnered with HSBC's unit HSBC Bank Middle East to offer tailored facilitation, licensing advice, and ecosystem navigation to the latter's institutional and private wealth clients looking to expand or establish financing and treasury operations in Dubai.Over to corporates, RAK Properties (ADX:RAKPROP) confirmed continuity of core operations and services amid uncertainty surrounding the situation in the Middle East. Shares of the property developer closed the session 1.41% lower.Meanwhile, in Dubai, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, launched a new customer center at its headquarters based in Al Jadaf, Dubai. The cooling services company's shares were flat at the close of trading.

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