Mideast Stocks: Most Gulf bourses gain on upbeat earnings, easing tariff concerns
In a notable development, China has lifted tariffs on some U.S. imports and asked companies to specify critical goods needing exemptions, signalling Beijing's increasing unease over the trade war's consequences.
Dubai's main share index gained 0.5%, with top lender Emirates NBD rising 0.7%.
In Abu Dhabi, the index rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank as the United Arab Emirates' biggest lender beat first-quarter estimates. The bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG.
On the other hand, investment firm Multiply Group slid 3.2% after reporting a drop in first-quarter profit. Saudi Arabia's benchmark index closed 0.3% lower, hit by a 2.2% fall in Alinma Bank, after the lender reported a sequential fall in first-quarter profit.
Elsewhere, Saudi Kayan Petrochemical Company retreated 2.8%, as the petrochemical firm's quarterly losses widened. However, Arabian Contracting Services Company surged about 10% - to become the top gainer on the index - following a steep rise in annual sales. The Qatari index was up 0.2%.
Outside the Gulf, Egypt's blue-chip index inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH), as the firm is in advanced negotiations for a new large-scale mixed-use project in Iraq. The project is expected to produce annual recurring income exceeding $1.5 billion.
SAUDI ARABIA fell 0.3% to 11,746
Abu Dhabi up 0.6% to 9,528
Dubai gained 0.5% to 5,241
QATAR added 0.2% to 10,325
EGYPT rose 0.1% to 32,043
BAHRAIN was up 0.6% to 1,903
OMAN added 0.1% to 4,298
KUWAIT increased 0.3% to 8,488
($1 = 3.6728 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon Singleton)
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