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DFM:SALIK

11 stories mentioning DFM:SALIKUpdated 6d ago

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Asia Markets

Emirati Stocks Diverge Amid New US-Iran Strikes; OPEC+ Keeps October Oil Output Unchanged

Shares trading in the United Arab Emirates ended on both sides of the spectrum as oil prices rose amid another exchange of US-Iran attacks in and around the Strait of Hormuz.At the close of Monday trading, the FTSE ADX General Index lost 0.016%, while the DFM General Index added 0.793%.The US Central Command struck three Iranian oil tankers off Kharg Island, Jask, and in the Gulf of Oman in response to ballistic missile attacks by Iran's Islamic Revolutionary Guard Corps on two US Navy warships.Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf threatened to strike US energy facilities in the region if it launches any attacks on Iranian assets."Oil prices are modestly stronger this morning amid the latest escalation in the Persian Gulf. However, European gas prices are seeing more strength given the latest attacks," ING said. "Iran says it has also taken action against tankers navigating unauthorised routes, and now plans to enforce a new restricted zone outside the Strait of Hormuz - a move that could put additional vessels in the Gulf of Oman at risk."In other news, seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to keep oil output unchanged for October at their virtual meeting on Sunday.Closer to home, the UAE Central Bank took part in the sixth preparatory committee meeting of Gulf Cooperation Council central bank governors to discuss challenges in recent monetary and financial developments, review current and future initiatives planned for central banks, and boost cooperation in the banking sector.Over to corporates, Aldar Properties (ADX:ALDAR) gained 1.68% as it launched the Sei Saadiyat residential development comprising 778 homes across six residential buildings in the Saadiyat Cultural District in Abu Dhabi.Elsewhere, Salik (DFM:SALIK) renewed its operations and maintenance deal with Transcore for five years to ensure support for its existing services and future initiatives and activities. Shares of the Dubai-listed tollgate operator closed flat.

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Asia Markets

UAE Stocks Blink Red as US-Iran Conflict Intensifies

Shares in the United Arab Emirates ended Thursday lower amid the continued exchange of attacks between the US and Iran, with no signs of easing.At the close of trading, the FTSE ADX General Index fell 0.51%, while the DFM General Index was 0.261% in the red.The US intensified its attacks on various Iranian targets, while the latter targeted US bases in Jordan, Kuwait, and Bahrain. The recent escalation is also driving volatility in oil markets as shipping through the Strait of Hormuz remains depressed."There has already been a significant drop-off in exports through the Strait since fighting resumed a week ago, with 7DMA flows down around 4.6 mb/d, to an average of 3.9 mb/d, and the IMO today stating the Strait is too dangerous for commercial vessels to cross. Even if President Trump opts for something of a strategic retreat, we do not see Hormuz traffic returning to pre-war levels as long as shippers have to contend with the threat of mines, missiles, drones, and Tehran tolls," RBC Capital Markets said.Back home and on the corporate front, shares of Gulf Pharmaceutical Industries (ADX:JULPHAR), d/b/a Julphar, closed the session 0.97% lower. The pharmaceutical company's unit, Planet Pharmacies, concluded the deal to sell its Oman-based Scientific Pharmacy business.Meanwhile, in Dubai, Salik (DFM:SALIK) and the Dubai Integrated Economic Zones Authority partnered to deliver seamless mobility services through access control systems and parking optimization tools at more than 21,000 parking spaces across Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity. Salik ended the session 0.18% higher.

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Research

Goldman Sachs Lifts Salik PT, Maintains Buy Rating

Goldman Sachs on Wednesday raised the price target for Dubai-based tollgate operator Salik (DFM:SALIK) to 7 Emirati dirhams from 6.80 dirhams, while maintaining its buy rating.

DFM:SALIK
Research

EFG-Hermes Brokerage Upgrades Salik to Neutral

EFG-Hermes Brokerage on Wednesday raised tollgate operator Salik (DFM:SALIK) to neutral from sell, while keeping its price target at 5.10 Emirati dirhams.

DFM:SALIK
Research

Arqaam Capital Lifts Salik's PT, Affirms Sell Rating

Arqaam Capital on Friday increased the price target for tollgate operator Salik (DFM:SALIK) to 5.20 Emirati dirhams from 5.10 dirhams and affirmed its sell rating.

DFM:SALIK
Asia Markets

Emirati Shares in Green as Geopolitical Tensions, Oil Prices Remain in Focus

United Arab Emirates equities shrugged off renewed geopolitical and oil price jitters as both Dubai and Abu Dhabi indices closed the last trading day of the week in the green.At the close of Friday trading, the FTSE ADX General Index added 0.223%, while the DFM General Index rose 0.56%.Oil prices gained after a Reuters report, citing two senior Iranian sources, said that Iran's Supreme Leader, Mojtaba Khamenei, ordered that enriched uranium should not be sent abroad, conflicting with the US demand to transfer it out of the country."Uncertainty surrounding a US-Iran deal abounds as we head into the weekend, leaving the market susceptible to seesaw price moves if any fresh noise emerges," analysts at ING said. "While there are signs of optimism, uncertainty reigns. This is not the first time a deal seemed close, only for negotiations to break down. So, there's a large segment of the market that will be more sceptical about the positive signals we are seeing."As of 3:07 pm UAE time, the Brent crude oil futures stood at nearly $105.47 per barrel, up 2.82% from the previous day.Back home and on the corporate front, International Holding Co. (ADX:IHC), IHC, closed 0.256% lower. The Abu Dhabi-based holding company carried out a transaction worth 110 million Emirati dirhams through DDSC, a dirham-backed stablecoin approved by the UAE Central Bank.Meanwhile, in Dubai, Salik (DFM:SALIK) and Parkin Co. (DFM:PARKIN) will start to implement the Federal Tax Authority's new value-added tax rate of 5% on their services from June 1. Shares of Salik closed 0.90% lower, while those of Parkin ended 1.64% in the green.

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Research

Goldman Sachs Raises Salik's PT, Keeps at Buy

Goldman Sachs on Tuesday increased the price target for tollgate operator Salik (DFM:SALIK) to 6.80 Emirati dirhams from 6.20 dirhams and affirmed its buy rating.

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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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Research

Arqaam Capital Cuts Salik's PT, Keeps Hold Rating

Arqaam Capital on Wednesday decreased the price target for United Arab Emirates-based tollgate operator Salik (DFM:SALIK) to 5.30 Emirati dirhams from 6.30 dirhams and kept its rating at hold.

DFM:SALIK
Research

Morgan Stanley Reduces Salik's PT, Affirms Equalweight Rating

Morgan Stanley on Tuesday lowered the price target for United Arab Emirates-based tollgate operator Salik (DFM:SALIK) to 6.30 Emirati dirhams from 7.00 dirhams and kept its rating at equal weight.

DFM:SALIK
Research

UBS Reduces Salik's PT, Affirms Buy Rating

UBS on Tuesday lowered the price target for tollgate operator Salik (DFM:SALIK) to 6.30 Emirati dirhams from 7.45 dirhams and kept its rating at buy.

DFM:SALIK

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