logo
#

Latest news with #SaudiArabianMiningCompany

Gulf stocks subdued as Trump steps up tariff threats
Gulf stocks subdued as Trump steps up tariff threats

Business Recorder

time15-07-2025

  • Business
  • Business Recorder

Gulf stocks subdued as Trump steps up tariff threats

DUBAI: Gulf equities ended largely subdued on Monday, pressured by renewed tensions in the US tariff war, though some investors hoped President Donald Trump's threats were largely rhetorical. Trump said on Saturday he would impose a 30% tariff on most EU and Mexican imports starting August 1, despite ongoing talks. The European Union extended a suspension of countermeasures to US tariffs until early August while seeking a negotiated settlement, but Germany's finance minister Lars Klingbeil urged firm action if the levies go ahead. Saudi Arabia's index dropped 0.4%, extending previous session's losses, with Saudi Arabian Mining Company retreating 1.1%. ACWA Power Co gained 0.6% after signing $8.3 billion in clean energy deals, helping limit the decline.

Gulf bourses end mixed on US tariff uncertainty
Gulf bourses end mixed on US tariff uncertainty

Business Recorder

time02-07-2025

  • Business
  • Business Recorder

Gulf bourses end mixed on US tariff uncertainty

Stock markets in the Gulf ended mixed on Wednesday as investors monitored global trade developments ahead of the United States' potential re-imposition of sweeping tariffs on July 9. President Donald Trump said on Tuesday he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the U.S., and continued to express doubt that an agreement could be reached with Japan. Saudi Arabia's benchmark index edged 0.1% higher, after two consecutive sessions of losses, helped by 1.7% rise in Saudi Arabian Mining Company. The cautious mood dominating the region contributed to mixed sector performances, said Joseph Dahrieh, managing principal at Tickmill. 'Investors are awaiting further developments to gain more clarity, while low oil prices continue to pose a risk, despite a positive economic outlook,' he said. Among gainers, oil giant Saudi Aramco rose 0.8%. Oil futures edged up as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the U.S. dollar softened further. Gulf bourses end mixed; Dubai at 17-year high Dubai's main share index dropped 0.4%, hit by a 1.3% fall in toll operator Salik Company. Separately, Dubai commuters may soon have a new way to beat traffic, as Joby Aviation successfully completed the first test flight of its fully-electric air taxi in the emirate this week - a significant step toward the city's goal of integrating airborne transport into its mobility network as early as next year. In Abu Dhabi, the index eased 0.1%, while the Qatari index closed flat. A report on Tuesday suggested that the U.S. labour market stayed resilient in May, sharpening the focus on U.S. nonfarm payrolls figures due on Thursday as investors try to gauge when the Federal Reserve is likely to cut interest rates next. Fed Chair Jerome Powell on Tuesday reiterated the U.S. central bank's plans to 'wait and learn more' before lowering rates. Outside the Gulf, Egypt's blue-chip index added 0.4%, with Talaat Moustafa Holding rising 0.9%. ------------------------------------------ SAUDI ARABIA rose 0.1% to 11,130 Abu Dhabi fell 0.1% to 9,920 Dubai dropped 0.4% to 5,669 QATAR finished flat at 10,699 EGYPT added 0.4% to 32,820 BAHRAIN was up 0.3% to 1,950 OMAN added 0.3% to 4,525 KUWAIT declined 0.6% to 9,083 ------------------------------------------

Most Gulf markets retreat ahead of vote on Trump's tax bill
Most Gulf markets retreat ahead of vote on Trump's tax bill

Business Recorder

time01-07-2025

  • Business
  • Business Recorder

Most Gulf markets retreat ahead of vote on Trump's tax bill

Most stock markets in the Gulf gave up early gains to close lower on Tuesday, as investors booked profits and turned cautious ahead of a U.S. Senate vote on President Donald Trump's landmark tax and spending bill. The proposed legislation, which faces internal Republican opposition, is expected to add $3.3 trillion to the nation's debt pile. Saudi Arabia's benchmark index dropped 0.4%, weighed by a 2.3% fall in Saudi Arabian Mining Company. Among other losers, Savola slipped 2.2% after announcing its CEO had stepped down by mutual agreement as part of a strategic overhaul. Citing trade sources, Reuters reported that Saudi Arabia, the world's biggest oil exporter, may raise its August crude prices for Asian buyers to a four-month high, following a surge in spot prices during the Iran-Israel conflict and on strong summer demand. Dubai's main share index eased 0.2%, snapping a six-day rally after hitting a 17-year high earlier in the session, hit by a 0.7% fall in blue-chip developer Emaar Properties. Meanwhile, Trump continued to pressure the U.S. Federal Reserve, sending Chair Jerome Powell a list of global interest rates with handwritten commentary suggesting U.S. rates should fall between Japan's 0.5% and Denmark's 1.75%. Gulf bourses end mixed; Dubai at 17-year high In Abu Dhabi, the index finished 0.3% lower. Oil prices were slightly higher as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. The Qatari index closed 0.5% lower, extending losses from the previous session when it ended a six-day winning streak, with all sectors in negative territory. Qatar's economy expanded 3.7% in the first quarter, up from 1.5% a year earlier, according to government data issued on Tuesday. Outside the Gulf, Egypt's blue-chip index lost 0.5%, with Beltone Financial Holding declining 6.7%. ----------------------------------------- SAUDI ARABIA dropped 0.4% to 11,122 ABU DHABI slipped 0.3% to 9,929 DUBAI eased 0.2% to 5,693 QATAR fell 0.5% to 10,698 EGYPT dropped 0.5% to 32,707 BAHRAIN was flat at 1,944 OMAN added 0.3% to 4,514 KUWAIT declined 0.6% to 9,133 -----------------------------------------

Most Gulf markets in red as Israel-Iran conflict escalates
Most Gulf markets in red as Israel-Iran conflict escalates

Business Recorder

time18-06-2025

  • Business
  • Business Recorder

Most Gulf markets in red as Israel-Iran conflict escalates

Most stock markets in the Gulf ended lower on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes. Saudi Arabia's benchmark index declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company and a 2% drop in Saudi Arabian Mining Company. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company closed 3.4% lower in debut trade. Elsewhere, oil giant Saudi Aramco eased 0.3%. Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill. Dubai's main share index finished 1.2% lower, with blue-chip developer Emaar Properties losing 1.2%. Most Gulf markets in red over Israel-Iran conflict worries In Abu Dhabi, the index was down 0.4%. Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement. The Qatari index lost 0.6%, with Qatar Gas Transport Nakilat falling 3.8%. Outside the Gulf, Egypt's blue-chip index added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment. ------------------------------------------ SAUDI ARABIA lost 1.2% to 10,591 Abu Dhabi down 0.4% to 9,496 Dubai dropped 1.2% to 5,306 QATAR fell 0.6% to 10,348 EGYPT rose 0.4% to 30,839 BAHRAIN declined 1.1% to 1,889 OMAN was flat at 4,520 KUWAIT retreated 1.6% to 8,544 ------------------------------------------

Major Gulf markets rebound amid Iran-Israel conflict
Major Gulf markets rebound amid Iran-Israel conflict

Business Recorder

time16-06-2025

  • Business
  • Business Recorder

Major Gulf markets rebound amid Iran-Israel conflict

Major stock markets in the Gulf rose in early trade on Monday, recovering some of their losses from previous sessions when they were rattled by the escalating conflict between Israel and Iran. Saudi Arabia's benchmark index gained 1.2%, led by a 1.9% rise in Al Rajhi Bank and a 3.2% increase in Saudi Arabian Mining Company. The index had fallen 1% on Sunday. Oil prices - a catalyst for the Gulf's financial markets -were volatile, after surging 7% on Friday, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East. The Qatari index advanced 1.7% - a day after falling more than 3% - buoyed by a 2.4% leap in Gulf's biggest lender Qatar National Bank and a 1.5% gain in petrochemical maker Industries Qatar. Major Gulf markets retreat on geopolitics Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn on Monday, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the confrontation could lead to a broader regional conflict. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. Dubai's main share index added 0.8%, with Parkin Company - which oversees public parking operations - rising 2.3% and toll operator Salik was up 0.7%. In Abu Dhabi, the index edged 0.2% higher.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store