Gulf bourses rebound in line with global shares
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank (1120.SE), opens new tab and a 4.7% jump in Elm Company (7203.SE), opens new tab.
On Sunday, the Saudi index had fallen 6.8%, its biggest one-day slide since the early days of the 2020 COVID-19 pandemic.
The Saudi bourse recovered for the second consecutive day after finding support levels, said Milad Azar, a market analyst at XTB MENA.
"However, a sustained general recovery would require fundamental changes, particularly regarding tariff risks and their potential economic impact."
Dubai's main share index (.DFMGI), opens new tab climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.5%.
Oil prices — catalyst for the Gulf's financial markets — steadied but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflicts.
The Qatari index (.QSI), opens new tab rose 1.3%; Qatar Islamic Bank (QISB.QA), opens new tab gained 2.5% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab was up 2.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.6%, supported by a 7.1% jump in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Egypt and France have signed a 7 billion euro ($7.66 billion) agreement to develop finance and operate a green hydrogen production facility, Egypt's transportation ministry said.
($1 = 0.9135 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Gold falls to near two-week low after US, EU agree to tariff deal
July 28 (Reuters) - Gold prices fell to their lowest level in nearly two weeks on Monday, as a framework trade agreement between the United States and European Union ahead of the August 1 tariff deadline boosted appetite for risk assets. Spot gold was down 0.1% at $3,332.18 per ounce, as of 0208 GMT, after touching its lowest level since July 17. U.S. gold futures edged 0.1% lower to $3,331.60. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. However, the agreement left key issues unresolved, including tariffs on spirits. The agreement eased transatlantic trade tensions, putting pressure on gold, said Jigar Trivedi, a senior commodity analyst at Reliance Securities, adding that it also softened the dollar index, which provided some cushion to bullion. The U.S. dollar index (.DXY), opens new tab eased 0.1%, making greenback-priced bullion more affordable for overseas buyers. Risk sentiment improved following the agreement, with European currencies and U.S. stock index futures trading higher. Meanwhile, senior U.S. and Chinese negotiators are set to meet in Stockholm later in the day to address long-standing economic disputes, seeking to extend a truce that has prevented higher tariffs. "In the short term, we don't expect gold to experience wild swings. Investors are turning their focus to a pivotal week for U.S. monetary policy and economic data," Trivedi said. The Federal Reserve is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. U.S. President Donald Trump said on Friday he had a positive meeting with Powell, suggesting the Fed chief might be inclined to lower interest rates. Spot silver was up 0.2% at $38.23 per ounce, while platinum gained 0.6% to $1,409.50 and palladium rose 0.6% to $1,227.76.
Reuters
3 hours ago
- Reuters
Samsung Elec signs $16.5 billion contract to supply semiconductors
SEOUL, July 28 (Reuters) - Samsung Electronics ( opens new tab said on Monday it has signed a contract valued at $16.5 billion to supply semiconductors to a major global corporation, in a regulatory filing. It did not name the counterpart. Samsung Electronics declined to comment on the contract. ($1 = 1,383.6800 won) ($1 = 1,383.6800 won)
Reuters
8 hours ago
- Reuters
Key elements of EU-U.S. trade deal agreed on Sunday
BRUSSELS, July 27 (Reuters) - The U.S. and the European Union agreed on a framework trade deal on Sunday, ending months of uncertainty for industry and consumers on both sides of the Atlantic. Here are the main elements of the deal: * Almost all EU goods entering the U.S. will be subject to a 15% baseline tariff, including cars, which now face 27.5%, as well as semiconductors and pharmaceuticals. The 15% tariff is the maximum tariff and is not added to any existing rates. * However, the U.S. is to announce the result of its 232 trade investigations in two weeks and decide separately on tariff rates for chips and pharmaceuticals. Whatever U.S. decisions come later on these sectors will be "on a different sheet of paper", European Commission President Ursula von der Leyen said. * The U.S. and EU will have zero-for-zero tariffs on all aircraft and their components, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources and critical raw materials. More products would be added. The situation for spirits is still to be established. * Tariffs on European steel and aluminium will stay at 50%, but von der Leyen said these would later be cut and replaced by a quota system. * The EU pledged to buy $250 billion of U.S. liquefied natural gas (LNG) a year for three years, totalling $750 billion in total, as it replaces Russian gas. The EU will also buy nuclear fuel from the U.S. * Under the deal, the EU pledged to buy U.S. military equipment and European companies are to invest $600 billion in the U.S. over the course of Trump's second term.
