Mideast Stocks: Gulf markets mixed as strong earnings offset US tariff concerns
The European Union is exploring broader counter-measures against the U.S. as prospects of an acceptable trade agreement with Washington fade, according to EU diplomats. Investors had been hoping for some progress in trade talks ahead of U.S.
President Donald Trump's August 1 tariff deadline; Commerce Secretary Howard Lutnick is still confident a deal could be reached with the EU.
Saudi Arabia's benchmark index gained 0.2%, ending a nine-day losing streak, led by a 1.6% gain in sharia-compliant lender Al Rajhi Bank and a 1.2% increase in Saudi National Bank, as the duo reported a rise in quarterly net profit. But International Petrochemical Company declined 5.7%, after the firm turned to losses in the second quarter. If upcoming earnings reports are broadly positive, the market may rebound, Osama Al Saifi, managing director for MENA at Traze, said.
Dubai's main share index dropped 0.8%, easing from a multi-year high, hit by a 3.7% slide in top lender Emirates NBD. Profit-taking weighed on the market, with noticeable pressure on the financial sector, Saifi said. "Investors could secure their profits after a long period of strong momentum ahead of the Q2 earnings releases."
Air Arabia leapt 4.8% to a fresh record high after securing a bid to operate a new Saudi low-cost national airline, set to launch by 2030.
In Abu Dhabi, the index fell 0.2%. Oil prices dipped slightly, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain.
The Qatari index closed 0.7% higher, with the Gulf's biggest lender Qatar National Bank gaining 1.5%.
Outside the Gulf, Egypt's blue-chip index edged 0.2% higher, hitting a new record high.
SAUDI ARABIA rose 0.2% to 10,981
Abu Dhabi fell 0.2% to 10,262
Dubai dropped 0.8% to 6,045
QATAR gained 0.7% to 11,022
EGYPT added 0.2% to 34,130
BAHRAIN was down 0.3% to 1,938
OMAN rose 1.5% at 4,743
KUWAIT was up 0.1% to 9,302
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
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