Major Gulf markets gain on upbeat earnings, easing tariff concerns
The U.S. would move to reduce the impact of duties imposed on foreign parts in domestically manufactured cars, and keep tariffs on cars made abroad from stacking up on other duties, officials said.
China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses that have been notified, in the clearest sign yet of Beijing's concerns about the trade war's fallout.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 3.1% rise in Saudi Arabian Mining Company (1211.SE), opens new tab.
Among other gainers, Arabian Contracting Services Company (4071.SE), opens new tab jumped 7%, after posting a steep rise in annual sales.
However, the advertisement firm saw a decline in profit.
On the other hand, Alinma Bank (1150.SE), opens new tab retreated 1.2%, after the lender reported a sequential fall in first-quarter profit.
Dubai's main share index (.DFMGI), opens new tab gained 0.3%, with top lender Emirates NBD (ENBD.DU), opens new tab advancing 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab climbed 0.9%, buoyed by a 3.8% advance in First Abu Dhabi Bank (FAB.AD), opens new tab 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.
Elsewhere, Aldar Properties (ALDAR.AD), opens new tab gained 2%, on upbeat quarterly earnings, while Abu Dhabi Commercial Bank (ADCB.AD), opens new tab leapt 4.6% ahead of earnings announcement.
The Qatari index (.QSI), opens new tab added 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.4%.
Meanwhile, Qatar Gas Transport (QGTS.QA), opens new tab dropped 1.3%, as the energy transporter is slated to report its first-quarter earnings.
($1 = 3.6728 UAE dirham)
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