Most Gulf markets gain as investors eye US-China talks
U.S. Commerce Secretary Howard Lutnick said on Tuesday trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers.
World stocks, as reflected by the MSCI All-Country World index, traded near record highs, while the dollar steadied against a range of currencies.
Dubai's main share index rose 0.1%, helped by a 1.8% rise in top lender Emirates NBD.
The bourse's gains were limited after the benchmark index hit its highest since 2008 on Monday. However, underlying momentum remains intact, suggesting the potential for further advances in the coming sessions, said Osama Al Saifi, Managing Director for MENA at Traze.
'Although many sectors were in negative territory today, solid market fundamentals point towards continuous gains.'
Most Gulf markets rise, Dubai's main index hits over 17-year high
Abu Dhabi, the main index finished 0.5% higher.
Oil prices - a catalyst for the Gulf's financial markets - climbed as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly.
The Qatari index advanced 1.3%, led by a 1.4% gain in the Gulf's biggest lender Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, with Talaat Moustafa Group Holding rising 2.5%.
The Saudi and Bahrain bourses remained closed due to a public holiday.
------------------------------------- Abu Dhabi up 0.5% to 9,796 Dubai added 0.1% to 5,599 QATAR rose 1.3% to 10,697 EGYPT gained 0.7% to 32,904 OMAN was up 0.1% to 4,582 KUWAIT added 0.8% to 8,925 -------------------------------------
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
18 hours ago
- Business Recorder
Meta, Shopify and PayPal: Saudi wealth fund sold its stakes in Q2
BANGALORE/DUBAI: Saudi Arabia's almost $1 trillion sovereign wealth fund sold its stakes in several US-listed companies - including Meta, Shopify and PayPal - in the second quarter, according to securities filings released on Thursday. The Public Investment Fund also sold its stakes in Alibaba Group, Nu Holdings and FedEx, the 13F filings show, during a quarter in which US stock markets rebounded from an April drop tied to US tariff policies. The filings showed that PIF no longer held any shares in Meta, Shopify, PayPal, Alibaba, Nu Holdings and FedEx. Its previous filing showed that, at the end of March, the fund had 667,996 class A shares in Meta, 1.25 million class A shares in Shopify, 1.76 million shares in PayPal, 6.83 million shares class A shares in Nu Holdings, 1.61 million in Alibaba sponsored ADS, and 498,164 common shares in FedEx. PIF's total exposure to US equities, which include call options that give the state investor a right to buy an underlying asset at a specified price within a specific time period, was valued at $23.8 billion at the end of the second quarter, versus $25.5 billion at the end of the first quarter. Tasked with spearheading Saudi Arabia's economic diversification under Crown Prince Mohammed bin Salman's Vision 2030 plan, PIF has moved well beyond its early holdings in Saudi public equities and infrastructure. In recent years, the fund took high-profile stakes in global brands, such as Uber and Lucid Motors, while also backing sports ventures including LIV Golf and English soccer club Newcastle United. At home, it has poured billions into giga-projects such as NEOM, the futuristic city on the Red Sea, and sectors like tourism, logistics, and clean energy.
Express Tribune
a day ago
- Express Tribune
Valentino CEO Jacopo Venturini steps down after five years in role
Jacopo Venturini has stepped down as Chief Executive Officer of Valentino, the Italian luxury fashion house confirmed on 14 August 2025. His resignation is effective from 13 August, with the brand stating that the decision was 'mutually agreed' and due to Venturini's wish to take a break for personal reasons. A successor has not yet been named. Venturini, formerly Gucci's Vice President of Merchandising and Global Markets, assumed the CEO role at Valentino in June 2020. During his tenure, he worked closely with Creative Director Pierpaolo Piccioli until 2024 and later reunited with Alessandro Michele, his former Gucci colleague, following Michele's appointment as Valentino's creative director in 2024. His departure comes during a transitional period for Valentino. In April 2024, the brand reported a 5% decline in sales for 2023, totaling €1.349 million (£1.16 million). The incoming CEO will be tasked with reversing the downturn while overseeing Valentino's ongoing transition towards full ownership by French luxury group Kering. In 2023, Valentino's Qatari owner Mayhoola sold a 30% stake in the brand to Kering, with an agreement allowing Kering to acquire the remaining shares by 2028. This deal, initially made under former Kering CEO François-Henri Pinault, will now be managed by incoming Kering chief Luca de Meo, who officially takes over on 15 September. Venturini's exit marks a significant change in leadership for Valentino at a time when the brand is navigating both creative shifts and financial challenges in the competitive luxury market.
Business Recorder
a day ago
- Business Recorder
Most Gulf shares rise on Fed rate cut hopes; corporate earnings mixed
BENGALURU: Most stock markets in the Gulf tracked global equities higher in early trade on Thursday, after benign U.S. inflation data raised hopes of a Federal Reserve rate cut, while earnings reports in the region were mixed. Traders overwhelming expect the Fed to cut rates in September after data this week showed U.S. inflation increased at a moderate pace in July. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. The Qatari benchmark index rose 0.8%, with almost all constituents advancing. Qatar National Bank, the region's largest lender, gained 1.7% and Qatar Islamic Bank climbed 1.2%. Dubai's benchmark stock index was up 0.4%, supported by gains in real estate, industry, finance, and utilities sectors. Blue-chip developer Emaar Properties rose 1% and toll operator Salik advanced 3.8%. Salik posted a 49.6% increase in second-quarter net profit on Wednesday, beating estimates. Air Arabia slipped 0.8% as the low-cost carrier posted a 10% drop in second-quarter net profit attributable. Saudi Arabia's benchmark stock index inched up 0.1%, aided by gains in consumer staples, finance, and real estate. Gulf bourses mixed on weaker corporate earnings, Fed rate cut hopes Saudi Industrial investment climbed 4.4% and Saudi National Bank, the kingdom's largest lender by assets, added 0.9%. Saudi Printing And Packaging surged 8.4% after it said it has signed a financing agreement with Saudi Research and Media Group. The Abu Dhabi benchmark index traded in a narrow range as gains in technology, real estate and industry stocks offset losses in consumer staples, energy and communication shares. RAK Properties was up 1.3% after the real estate developer reported a 95% jump in second-quarter net profit. Investcorp Capital slid 1.3% after reporting a 22% drop in full-year net profit on Wednesday.
