Mideast Stocks: Major Gulf markets gain on firmer oil, US-China trade deal hopes
Major stock markets in the Gulf rose in early trade on Thursday amid rising oil prices and optimism over a U.S.-China trade deal.
U.S. Treasury Secretary Scott Bessent said on Wednesday that the excessively high tariffs between the U.S. and China are unsustainable, and must be reduced before trade negotiations can proceed but said President Donald Trump would not unilaterally cut tariffs on Chinese imports.
Meanwhile, Trump is planning to spare carmakers from some tariffs following intense lobbying by industry executives over recent weeks, a report said.
Saudi Arabia's benchmark index gained 0.4%, with Al Rajhi Bank rising 0.7% and a 4.1% jump in Saudi Arabian Mining Company.
Dubai's main share index increased 0.3%, helped by a 2.2% rise in top lender Emirates NBD (ENBD).
Earlier this week, ENBD reported a net profit of 6.2 billion dirhams ($1.69 billion) for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.
In Abu Dhabi, the index rose 0.7%.
Oil prices - a catalyst for the Gulf's financial markets - recovered some losses after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
The Qatari index climbed 0.7%, with telecoms firm Ooredoo advancing 5.1%.
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