Mideast Stocks: Major Gulf Shares rise as steady PMIs signal growth
President Donald Trump signed a deal with Vietnam on Wednesday, imposing a 20% tariff on exports to the U.S., lower than the threatened 46% and giving markets reason to hope the impact of the tariffs may be less severe than had been expected for many countries.
Saudi Arabia's benchmark index rose 1%, hitting a more than one-month high, with almost all of its constituents posting gains.
Saudi National Bank, the kingdom's largest lender by assets, climbed 4.1% and oil major Saudi Aramco added 0.9%. BlackRock Inc. was in talks with Aramco to divest its stake in the leasing rights of a natural gas pipeline network, potentially worth billions of dollars, Bloomberg reported.
Reuters could not immediately verify the report.
Among other gainers, the retailer Fawaz Abdulaziz Al Hokair & Company, the index's best performer, soared 9.9% and Saudi Telecom added 1.2%. The positive momentum was supported by a healthy domestic outlook, as Saudi Arabia's non-oil private sector expanded at its fastest pace in three months in June, a survey showed on Thursday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to a three-month high of 57.2 from May's 55.8, putting it further above the 50-point line denoting growth.
Dubai's benchmark index gained 1.4% to 5,748, marking a 17-year high with most sectors in the green. Emaar Properties jumped 3.7% and tolls operator Salik advanced 3.4%.
The Abu Dhabi benchmark index rose 0.6%, lifted by gains in most sectors. Presight AI surged 6%, hitting its highest level in nearly two years, and Space42 climbed 4.3%. The UAE's non-oil private sector grew steadily in June even as regional tensions weighed on demand, and companies ramped up output to tackle backlogs, a survey showed on Thursday.
Qatar's benchmark index added 0.6%, boosted by a 0.5% increase in the Qatar National Bank.
SAUDI ARABIA rose 1% to 11,244
ABU DHABI up 0.6% to 9,981
DUBAI advanced 1.4% to 5,748
QATAR gained 0.6% to 10,759
EGYPT Closed
BAHRAIN eased 0.2% to 1,947
OMAN advanced 0.6% to 4,550
KUWAIT up 0.3% to 9,113
(Reporting by Amna Mariyam and Manzer Hussain in Bengaluru; editing by Barbara Lewis)
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