Most Gulf markets in red
US consumer prices rose at the fastest pace in five months in June, raising concerns that tariffs were beginning to pressure inflation.
On Tuesday, President Donald Trump said letters notifying smaller countries of their tariff rates would be sent soon.
Saudi Arabia's benchmark index dropped 0.5%, hit by a 0.4% fall in Al Rajhi Bank. Oil behemoth Saudi Aramco fell 0.7%.
About 217.4 million shares changed hands, compared with an average of 314.3 million shares over the previous 10 sessions.
Oil prices - a catalyst for the Gulf's financial markets - fell by about 1%, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from US tariffs.
Dubai's benchmark index jumped 1% to 5,974 dirhams, having crossed the mark for the first time in nearly 17.5 years.
Financial stocks led gains with a 3.7% jump in Emirates NBD after concluding 3.9 billion dirhams in syndicated loans for Dubai Metro's Blue Line Project.
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Emirates NBD helps secure $1bn for Dubai Metro's $5.6bn Blue Line
Emirates NBD said Wednesday it has concluded AED 3.9bn ($1bn) Syndicated Bonding Facilities to a consortium that will deliver the new Dubai Metro 'Blue Line' Project. In December 2024, Dubai's Roads & Transport Authority (RTA) awarded a AED 20.5 billion contract for the 30 km Blue Line to a consortium comprising Turkey's MAPA and LIMAK, along with Chinese state-owned CRRC. Emirates NBD engaged with the consortium 'as part of a seamless, comprehensive, and collaborative process,' it said in a statement. Valued at AED 20.5 billion, the infrastructure initiative is a crucial component in Dubai's 2040 Urban Master Plan to create, develop, and expand a world-class network of public transportation services and mobility solutions that connects communities with key locations, alleviates traffic congestion, and enables easier movement of people around the emirate. Dubai moves one step closer to flying taxis with successful test flight Scheduled for completion by September 2029, the Dubai Metro Blue Line will have 14 stations - five of which will be underground - to provide 'seamless connections' with the existing Red and Green Metro lines, as well as bus and taxi routes. The project, which was officially announced by the RTA at the end of last year, is expected to serve approximately 350,000 daily passengers by 2040. As a state-of-the-art electrified railway network, the Dubai Metro Blue Line project aligns with the Emirates NBD Sustainable Finance Framework, qualifying as Green Financing under the 'Clean Transportation' category. Dubai is spending billions to fix its traffic problems Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said the project 'will strategically and significantly empower the continuous development of the emirate by providing a rising population with new, efficient, accessible, and reliable public transportation and mobility solutions.' He said the transaction highlights 'Emirates NBD's status as the go-to banking partner for diverse mega projects that are transforming Dubai's landscape, capabilities, and global appeal.' Murathan Doruk Günal, Vice President & CEO at MAPA, said: 'The successful closing of the financing with Emirates NBD marks a key milestone and reflects the trust placed in our consortium's ability to deliver complex, high-impact projects' while Serdar Bacaksız, Board Member at Limak Group of Companies was quoted as saying that the Blue Line project 'is a testament to Dubai's forward-thinking approach to urban development.'
Business Recorder
an hour ago
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Oil prices gain on geopolitical risks, inventory worries
LONDON: Oil prices rose on Thursday, even as global trade tensions appeared to cool, with analysts pointing to low inventories and renewed Middle East risks as factors supporting the market. Brent crude futures were up 31 cents, or around 0.5%, to $68.83 a barrel at 1203 GMT. US West Texas Intermediate crude futures were up 61 cents, or 0.9%, at $66.99. US President Donald Trump has said letters notifying smaller countries of their US tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. 'Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of US tariffs and the resultant impact on global growth,' said Ashley Kelty, an analyst at Panmure Liberum, adding that prices would likely settle lower in the medium term. Oil eases 1% as US fuel stock builds put focus on demand The oil market on Thursday was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. 'Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely and once again add a little fizz to proceedings,' Evans said. Drone attacks on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by up to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns. 'For now, oil market indicators continue to suggest the physical market remains tight. But ongoing trade tensions could weigh on oil demand growth prospects and pose downside risks to prices,' said UBS commodities analyst Giovanni Staunovo.
Business Recorder
5 hours ago
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Intra-day update: rupee slightly improves against US dollar
The Pakistani rupee marginally improved against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Thursday. At 12pm, the currency was hovering at 284.83, a gain of Re0.13. On Wednesday, the currency settled at 284.96. Internationally, the US dollar was on a fragile footing on Thursday having lost ground overnight as concerns US President Donald Trump was preparing to fire the Federal Reserve chair shook confidence in US markets. Trump denied reports he was planning to dismiss Fed Chair Jerome Powell, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates. Investors worry that removing Powell before his term ends in May 2026 would undermine credibility in the US financial system and the dollar as a safe-haven currency. Trump has railed against Powell for months for not easing rates, which he says should be at 1% or lower. The US dollar index, which measures the greenback against major peers, was little changed at 98.384 after a 0.3% slide on Wednesday. The US currency ticked up 0.2% to 148.14 yen, after a 0.6% decline overnight. The euro stood at $1.1632, down 0.01%. Sterling edged 0.1% lower to $1.3409. Investors remain focused on tariffs ahead of an August 1 deadline when many trading partners face higher trade levies. Oil prices, a key indicator of currency parity, rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Brent crude futures rose 27 cents, or 0.39%, to $68.79 a barrel at 0000 GMT. US West Texas Intermediate crude futures were up 31 cents, or 0.47%, at $66.69. This is an intra-day update
