Financial Wire

UAE Indices Close Lower as Geopolitical Jitters Resurface

-- Emirati equities began the new trading week in the red as renewed tensions between the US and Iran over the blockade of the Strait of Hormuz dampened investor sentiment.

At the close of Monday trading, the FTSE ADX General Index lost 0.799%, while the DFM General Index declined 2.093%.

The latest developments related to the Middle East conflict diminished hopes of a resolution after the US seized an Iranian cargo vessel. Iran responded by saying that it does not plan to pursue further peace talks with the US.

Meanwhile, US President Donald Trump said in a social media post that they are offering Iran a "fair and reasonable" deal and threatened to strike its energy infrastructure if they do not accept it.

"In terms of the immediate focus, the question is whether investors will receive further positive news on renewed peace talks in Pakistan, or whether both sides will talk tough and potentially act tougher ahead of tomorrow's deadline on the two-week ceasefire. Today's benchmark of any progress will probably be whether Iran sends any negotiators to peace talks, now that US representatives are already on their way there. The mood music of markets is one of concern, but one that sees progress towards a resolution," ING said.

Zooming in at home, ADGM, Abu Dhabi's international financial center, and Futian District People's Government of Shenzhen partnered to boost collaboration in financial services, talent development, and artificial intelligence, as well as enhance cross-border engagement.

On the corporate side, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, said that its operational and industrial activities faced no material disruption amid the ongoing tensions in the Middle East. Shares of the building materials company closed the session 14.48% in the green.

Al Ramz Corp. Investment and Development (DFM:ALRAMZ) launched the initial public offering of the Horizons GCC Sukuks Fund and the Fortitude GCC Equity Fund. The investment company's shares closed flat when it last traded on April 17.

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