Mideast Stocks: Most Gulf markets gain on US trade progress
Saudi Arabia's benchmark index rose 0.3%, helped by a 0.8% gain in oil giant Saudi Aramco. Oil shrugged off the impact of OPEC+ hiking output more than expected for August as well as concerns about the potential impact of U.S. tariffs, with prices mostly reversing early losses as a tight physical market lent support. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia.
The uncertainty surrounding oil prices, especially with OPEC+ gradually increasing production, remains a key risk for the Saudi market, said Joseph Dahrieh, managing principal at Tickmill.
"However, the market could find support as Saudi Arabia expands its share in the oil market," he said.
Dubai's benchmark index gained 0.9%, hitting a 17-year high, driven by financial shares. Emirates NBD jumped 2.3%, while Dubai Islamic Bank rose 1%. According to Dahrieh, the Dubai stock market's strong fundamentals suggest potential for further growth, while U.S. trade policy risks could continue to weigh on sentiment.
In Abu Dhabi, the index added 0.3%, with Burjeel Holdings surging 14.7% after announcing expansion into Saudi Arabia. Meanwhile, Trump announced plans to impose an additional 10% tariff on countries aligning with the "anti-American policies" of the BRICS bloc, which includes the United Arab Emirates.
While Saudi Arabia attended a BRICS meeting in April, it has not formally joined the group. Qatar's benchmark index added 0.5%, helped by a 1.5% increase in Qatar International Islamic Bank.
Outside the Gulf, Egypt's blue-chip index finished 0.4% higher, with electronic payments provider Fawry climbing 2.4%.
SAUDI ARABIA rose 0.3% to 11,345
ABU DHABI up 0.3% to 10,007
DUBAI advanced 0.9% to 5,803
QATAR gained 0.5% to 10,801
EGYPT added 0.4% to 33,038
OMAN was up 0.3% to 4,578
KUWAIT increased 0.5% to 9,193
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru)
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