
UAE stocks surge as Trump signals a break in trade war
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets appear to have staged a comeback after a prolonged period of volatility triggered by the US policy on tariffs. US President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs for China, offering some relief to troubled markets. The Abu Dhabi Securities Exchange's (ADX) general index (FADGI) was up by 0.729%, reaching 9,324.13 points. A total of 22,055 trades were recorded, involving 404 million shares with a combined value of Dh1.296 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.881 trillion.The ADX rally was led by gains made by premium stocks — Multiply (7.34%), Aldar (3.56%), Alpha Dhabi (2.40%) and Presight (4.89%). The other top gainers in the ADX include Pure Health (+4.89%), Sharjah Cement and Industrial Development (+4.62%) and Hayah Insurance (4.57%), while notable losers were National Takaful (-9.89%), Eshraq Investments (-3.07%) and Sudatel Telecommunications (-1.85%).
Dubai Financial Market (DFM) DFM's general index (DFMGI) was up by a big 1.382% to reach 5205.34 points.A total of 12,494 trades were executed at the DFM, involving 291 million shares with a combined value of Dh653 million. The prices of 34 companies rose, while 12 declined, and 6 remained unchanged. Among the top gainers were Mazaya Holding (+14.54%), United Foods (+8.33%) and Orascom Construction (+7.84%). The most notable losers included National General Insurance (-9.89%), International Financial Advisors (-8.18%), Ithmaar Holding (-2.91%) and Dubai Refreshment Company (-1.48%). The DFM rally was led by blue chip stocks such as Emaar (+3.64%), Emaar Developments (+5.48) and Emirates NBD (+2.51)Emirates NBD reported net profit of Dh6.2 billion for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.Elsewhere in the Gulf, Saudi Arabia's benchmark index (TASI) finished 0.8% higher, led by a 3.6% rise in ACWA Power Company and a 2.5% increase in Saudi Telecom Company, according to a Reuters report. The Qatari index (QSI) climbed 1%, with the Gulf's biggest lender Qatar National Bank rising 0.9%.Outside the Gulf, Egypt's blue-chip index (EGX30) jumped 2.6%, as most of its constituents were in positive territory including Commercial International Bank, which was up 2.9%.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
2 minutes ago
- Zawya
Trump says he wants Musk and his companies to thrive in US
President Donald Trump said on Thursday he would not destroy Elon Musk's companies by taking away federal subsidies and that he wants the billionaire tech-entrepreneur's businesses to thrive. "Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so!," Trump said in a social media post. "I want Elon, and all businesses within our Country, to THRIVE." Trump's statement follows a public clash with his former close ally on June 5 over his tax bill. Musk warned Tesla investors on Wednesday that U.S. government cuts in support for electric vehicle makers could lead to a "few rough quarters" for the company. A week after the spat in June, Reuters reported the White House had directed the Defense Department and NASA to gather details on billions of dollars in SpaceX contracts to ready possible retaliation against the businessman and his companies. Musk spent more than a quarter of a billion dollars to help Trump win November's presidential election and led the Department of Government Efficiency's chaotic effort to slash the budget and cut the federal workforce. The Tesla CEO left the administration in late May to refocus on his tech empire. Trump and Musk fell out shortly afterward when Musk openly denounced the Republican president's tax-cut and spending bill, leading to threats by Trump to cancel billions of dollars worth of federal government contracts with Musk's companies. Musk's SpaceX had been considered a frontrunner to build out Trump's $175 billion Golden Dome missile defense shield and remains a natural choice for key elements of the project. But sources familiar with the matter told Reuters earlier this week that the administration is expanding its search for partners to build Golden Dome as tensions with Musk threaten SpaceX's dominance in the program. (Reporting by Bhargav Acharya in Toronto; Editing by Doina Chiacu and Philippa Fletcher)


Arabian Post
an hour ago
- Arabian Post
GENIUS Act Paves the Way for Regulated Stablecoins
Arabian Post Staff -Dubai A landmark federal framework for stablecoins became law on 18 July 2025, when President Donald Trump signed the Guiding and Establishing National Innovation for U. S. Stablecoins Act. The legislation mandates that stablecoins — digital currencies pegged one‑to‑one to the U. S. dollar or short‑term Treasury bills — must be fully backed by liquid reserves, publicly disclose holdings monthly, and comply with anti‑money laundering and consumer protection rules. The Act clears a path for both banks and approved non‑bank entities to issue payment stablecoins under a dual licensing system, encompassing federal and state oversight. It also creates a formal category for such assets, offering legal clarity that had eluded stablecoin issuers until now. ADVERTISEMENT Despite bipartisan support in Congress — with Senate approval on 17 June and House passage on 17 July — the new law has drawn criticism. Some lawmakers and experts argue it falls short on stricter anti‑money laundering measures and allows big tech firms to issue stablecoins with fewer regulatory hurdles than traditional banks. Trump lauded the Act during the White House signing ceremony, calling it 'a hell of an act' and asserting it will solidify American crypto leadership and support the dollar's global primacy. He noted the GENIUS Act 'creates a clear and simple regulatory framework' capable of unleashing innovation and enhancing payment systems. Stakeholders across finance and fintech are re-evaluating their strategies. Traditional banks are preparing pilot programmes and exploring partnerships to issue or facilitate stablecoins, while crypto firms like Circle and Coinbase, which have backed U. S. stablecoin issuance earlier, have seen share prices rise following the law's enactment. In parallel, the law aims to channel demand into U. S. Treasuries, reinforcing the dollar's global role. Treasury Secretary Scott Bessent highlighted that requiring asset backing in government debt would deepen Treasury markets. Financial institutions are bracing for increased reserve purchases and adjustments in asset allocation strategies. The Act introduces rigorous governance: stablecoin issuers must implement reserve audits, adhere to marketing restrictions—such as avoiding government endorsement claims—and prioritise redeeming customer claims ahead of other creditors in insolvency scenarios. It also extends anti‑money laundering obligations under the Bank Secrecy Act, granting treasury authorities power to freeze illicit funds. Though heralded as a milestone, implementation remains complex. Regulators are expected to issue detailed rules within a year, and the Act's 'effective date' is projected for late 2026, contingent on final regulatory actions or an 18‑month grace period. Global central banks and fintech players are watching closely. Some expect U. S. leadership in regulated digital currencies could spur innovation overseas, while others warn that insufficient guardrails may encourage regulatory arbitrage. Foreign issuers may enter the U. S. market if they meet rigorous Treasury approval, including comparable home‑jurisdiction oversight and U. S.-based reserve management. Market response has been immediate: global crypto valuations have surged past $4 trillion, led by strong gains in bitcoin and ether amidst expectations of broader stablecoin integration. Industry experts suggest stablecoins may soon become mainstream payment tools, with major retailers and tech giants like Google, Uber and Apple exploring adoption. However, voices of caution persist. Critics say the framework could permit big tech to bypass stricter banking regulations, heightening systemic risks, and that consumer safeguards remain inadequate. Transparency International warned the law might provide loopholes exploitable by criminals or hostile regimes. As rule‑making proceeds and industry adapts, the GENIUS Act marks a fundamental shift in U. S. crypto policy — ushering stablecoins from regulatory limbo into a legalised, structured, but contested future.


Zawya
2 hours ago
- Zawya
Gulf stocks mixed as investors eye earnings, U.S. trade talks
Gulf stocks were mixed in choppy trading on Thursday as investors weighed a raft of corporate earnings while focusing on U.S. trade negotiations ahead of a looming tariff deadline. While recent developments, including Washington's deal with Tokyo to lower tariffs on Japanese imports and signs of potential agreement with the European Union, appeared constructive, market participants remained cautious, awaiting clarity on the direction of global trade policy. Saudi Arabia's benchmark index dropped 0.4%, marking its second consecutive weekly loss, pressured by persistently weaker oil prices, despite a recent rebound, with index heavyweight Al Rajhi Bank losing 0.7%, and the oil behemoth Saudi Aramco falling 0.2%. The Saudi market may continue to face pressure due to relatively low oil prices, despite the rebound. However, though a broadly positive earnings season could help the market regain ground, said Samer Hasn, senior market analyst at Dubai's main share index rose 0.4% to a fresh 17-1/2-year high, as real estate gains offset early losses sparked by an over 2% drop in Emirates NBD following a 9% decline in first-half profit, dragging financial stocks lower and making the sector the worst performer on the day. The Abu Dhabi index held steady amid mixed trading in heavyweight stocks ahead of key upcoming earnings, consolidating gains following Wednesday's strong recovery. Samer added that both the UAE markets are poised for potential gains, supported by a largely positive earnings season so far. Qatar stock index advanced 0.3%, extended its winning streak to six sessions, rising 0.3% to a fresh two-and-a-half-year peak, driven by solid earnings reports mainly from the banking sector this week. Market participants are awaiting next week's earnings from other sectors, which could bolster the market's upward momentum, Samer noted. Egypt's stock market was closed on account of Republic Day. SAUDI ARABIA eased 0.4% to 10,946 ABU DHABI was flat at 10,301 DUBAI added 0.4% to 6,111 QATAR rose 0.3% to 11,221 BAHRAIN inched up 0.2% to 1,953 OMAN eased 0.1% 4,719 KUWAIT fell 0.35 to 9,272 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)