Mideast Stocks: Most Gulf markets gain on signs of easing trade woes; Saudi falls
Most stock markets in the Gulf ended higher on Sunday helped by renewed optimism around a potential resolution of the U.S.-China trade dispute, although the Saudi index retreated on poor earnings and weak oil.
Beijing is evaluating Washington's offer to hold talks over U.S. President Donald Trump's crushing tariffs, China's Commerce Ministry said, signaling a potential de-escalation of the market-rattling trade war.
The Qatari index gained 0.5%, with Qatar Islamic Bank rising 2.1% and Qatar Gas Transport Nakilat advancing 2.9%.
Separately, QatarEnergy - one of the world's biggest liquefied natural gas suppliers - is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project, five trading and industry sources told Reuters.
Saudi Arabia's benchmark index, however, dropped 1.1%, weighed down by a 4.1% slide in Saudi Arabian Mining Company and oil giant Saudi Aramco retreating 1%.
Elsewhere, Saudi Basic Industries Corp declined 2.8% as the petrochemical maker posted quarterly losses. Oil prices - a catalyst for the Gulf's financial markets - fell over 1% lower on Friday and recorded for their biggest weekly losses since the end of March.
OPEC+ plans to further accelerate oil output hikes and could unwind its 2.2 million barrels per day of voluntary cuts by the end of October if members do not improve compliance with their production quotas, Reuters reported, citing five sources from the group.
Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, led by a 1.6% increase in Talaat Moustafa Group Holding.
SAUDI ARABIA fell 1.1% to 11,412
QATAR gained 0.5% to 10,500
EGYPT rose 0.7% to 32,352
BAHRAIN finished flat at 1,912
OMAN gained 0.3% to 4,342
KUWAIT added 0.4% to 8,596
(Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra)
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