Latest news with #EmiratesCentralCoolingSystemsCorp
Business Recorder
2 days ago
- Business
- Business Recorder
Dubai gains on strong corporate earnings; oil drags Abu Dhabi
Dubai's main equities index closed higher on Friday, aided by robust corporate earnings and optimism around key talks between U.S. President Donald Trump and Russia's Vladimir Putin over Ukraine, while Abu Dhabi declined on falling oil prices. The White House has said the meeting in Alaska will take place at 11 a.m. local time (1900 GMT), with Trump hoping for a ceasefire agreement on Ukraine. Trump has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks go well. Dubai's main index extended gains to second session with index climbing 0.5%, buoyed by the rise in the materials, financial, and industrial sectors stocks. Toll operator Salik Company jumped 3.1%, while Emirates Central Cooling Systems Corp. increased 1.2%. Salik reported nearly 50% increase in its Q2 profit and revenue on Wednesday, while also upgrading its FY25 revenue guidance to 34%-36%. Among the winners, maritime shipping firm Gulf Navigation Holding surged 3.4% following a fourth consecutive profitable quarter. Firm reported Q2 net profit of AED 7.4 Million ($2.01 million). Gulf bourses mixed on weaker corporate earnings, Fed rate cut hopes After reaching a 17-and-a-half-year high in July followed by a brief pullback, the Dubai index is regaining momentum and marching towards the previous peak. However, Abu Dhabi's benchmark index dropped 0.3%, weighed by a 2.1% decline in UAE's third largest lender Abu Dhabi Commercial Bank and a 0.9% fall in Abu Dhabi Islamic Bank. Oil prices - a key catalyst for Gulf's financial market - came under pressure as investors closely watching the upcoming Trump-Putin meeting in Alaska. Brent crude slid 0.8% to $66.34 a barrel by 1134 GMT. 'Any potential easing of US sanctions on Russia could lead to increased Russian crude exports, creating volatility in oil prices, said Osama Al Saifi, Managing Director for MENA at Traze. ------------------------------------ ABU DHABI down 0.3% to 10,222 DUBAI .DFMGI up 0.5% to 6,126 ------------------------------------
Business Recorder
10-07-2025
- Business
- Business Recorder
Most Gulf markets close higher
DUBAI: Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from US President Donald Trump. Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries. The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources. In the UAE, Dubai's main index gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp.
Business Recorder
09-07-2025
- Business
- Business Recorder
Most Gulf markets close higher shrugging off Trump's tariff news
Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from U.S. President Donald Trump. Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries. The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources. In the UAE, Dubai's main index gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp. Emirates has signed a preliminary agreement with to accept payments through its platform. The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport. Abu Dhabi index added 0.4% posting its sixth straight session of gains. Abu Dhabi National Insurance Co advanced 6.4% following regulatory approval to open a branch in India. Gulf stocks mixed on US tariff uncertainty Saudi Arabia's benchmark index eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power and a 0.9% decrease in oil giant Saudi Aramco. Qatar's benchmark index closed flat. Outside the Gulf, Egypt's blue-chip index - which traded after a session's break - finished 0.4% higher, with Commercial International Bank rising 0.6% higher. Egypt's stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data centre in Cairo. ----------------------------------------- SAUDI ARABIA eased 0.1% to 11,278 Abu Dhabi rose 0.4% to 10,049 Dubai gained 0.7% to 5,834 QATAR finished flat at 10,834 EGYPT added 0.4% to 33,152 BAHRAIN was up 0.1% to 1,964 OMAN climbed 0.9% to 4,597 KUWAIT increased 0.6% to 9,269 -----------------------------------------
Zawya
28-03-2025
- Business
- Zawya
Mideast Stocks: Ex-dividend stocks weigh on UAE markets
Stock markets in Dubai and Abu Dhabi retreated on Friday, primarily weighed down by firms trading ex-dividend. Oil and the dollar were also struggling, as Trump's 25% tariffs on auto imports due to kick in next week alongside plans for much broader global levies continued to draw fierce criticism from countries and companies. In Dubai, the main share index slipped 0.5%, led by a 2.4% drop in Emirates Central Cooling Systems Corp and a 1.6% decline in government-owned utility firm Dubai Electricity and Water Authority, both of which traded ex-dividend. Dubai's largest lender Emirates NBD Bank fell 0.5%, while Emaar Properties edged down 1.5%. Abu Dhabi's General Index dipped 0.2%, weighed down by a 0.3% decline in the country's largest lender, First Abu Dhabi Bank. Aldar Properties and ADNOC Gas fell 2.9% and 2.1% respectively, as both the stock traded ex-dividend. Separately, Abu Dhabi's GDP grew 3.8% in 2024 to AED 1.2 trillion ($326.73 billion), the Abu Dhabi Statistics Centre reported. Most Gulf markets will remain closed from Sunday through Tuesday for the Eid holiday. ABU DHABI fell 0.2% to 9,369 points DUBAI down 0.5% to 5,096 points ($1 = 3.6728 UAE dirham)
