Most Gulf shares gain on US-China tariff deal; Egypt snaps losing streak
Gulf equities ended higher on Monday as the U.S. and China agreed to temporarily slash harsh reciprocal tariffs while U.S. President Donald Trump's planned visit to Saudi Arabia and Gulf states on Tuesday also raised investor sentiment.
The U.S. will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, the two countries said on Monday following talks in Geneva. The new measures are effective for 90 days.
Saudi Arabia's benchmark stock index rose 1.3%, the sharpest rise in a month with almost all sectors in the green.
Saudi Aramco gained 2.2% after the world's top oil exporter reported a net profit of 97.54 billion riyals ($26.01 billion) in the first quarter on Sunday, beating a company-provided median estimate from 16 analysts of $25.36 billion.
Among other gainers, National Industrialization Co rose 1.1% after the petrochemical company posted a quarterly net profit compared to a net loss a year earlier.
Meanwhile, Saudi Arabia and the United States are set to discuss a number of blockbuster economic deals during Trump's visit on Tuesday, with the U.S. poised to offer Saudi Arabia an arms package worth well over $100 billion, sources have told Reuters.
Most Gulf bourses gain on US-China trade talks
The Qatari benchmark index continued its three-session winning streak and rose 0.7%, with most stocks posting gains. Qatar National Bank, the region's largest lender, gained 2% and Qatar Electricity and Water (QEWC) climbed 4%, its biggest rise in more than a year.
Qatar's main electricity and desalinated water supplier, QEWC said on Monday that Qatar General Electricity and Water Corporation 'Kahramaa' has signed a strategic agreement with QEWC, QatarEnergy, and Sumitomo Corporation to build the Ras Abu Fontas Independent Water and Power Facility at a cost of 13.5 billion Qatari Riyals ($3.71 billion).
Dubai's benchmark stock index was up 0.4%, helped by a 7.3% rise in Parkin and a 2.8% gain in Talabat Holding. The online food ordering company Talabat reported a first-quarter net profit of $103.3 million.
The Abu Dhabi benchmark index edged up 0.1% with Aldar Properties gaining 1% and Fertiglobe rising 2.2%. The fertilizer producer has signed an asset sale and purchase agreement to acquire the distribution assets of Wengfu Australia Pty Ltd.
Outside the Gulf, Egypt's blue-chip index advanced 0.5% after three consecutive sessions of losses.
Commercial International Bank rose 1.1% and Abu Dhabi Islamic Bank Egypt climbed 3.6%. The lender reported a 43% rise in first quarter net profit.
--------------------------------------- SAUDI ARABIA up 1.3% to 11,489 KUWAIT gained 0.1% to 8,730 QATAR rose 0.7% to 10,609 EGYPT up 0.5% to 31,577 BAHRAIN fell 0.2% to 1,916 OMAN up 0.5% to 4,376 ABU DHABI rose 0.1% to 9,639 DUBAI gained 0.4% to 5,334 ---------------------------------------
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