Mideast Stocks: Most Gulf markets gain as investors eye US-China talks
Most stock markets in the Gulf ended higher on Tuesday, tracking gains in global equities as investors looked for progress in U.S.-China trade talks that could ease tensions between the world's two largest economies.
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."
In 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
(Reporting by Ateeq Shariff in Bengaluru; Editing by Emelia Sithole-Matarise)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
3 hours ago
- Khaleej Times
Photos: Umm Al Quwain Crown Prince holds wedding reception at Amiri Diwan
On Tuesday, Sheikh Saud bin Rashid Al Mu'alla, Member of the Supreme Council and Ruler of Umm Al Quwain, hosted a reception on the occasion of the marriage contract of the Crown Prince. Sheikh Rashid bin Saud bin Rashid Al Mu'alla has married the daughter of Sheikh Mohammed bin Hamdan bin Hamdan Al Nahyan. Sheikh Rashid is also the Chairman of the Executive Council and holds a leading role in the emirate's governance and development. The event was held in the presence of Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, and Sheikh Ahmed bin Saud bin Rashid Al Mu'alla, Deputy Ruler of Umm Al Quwain. The Ruler of Umm Al Quwain received congratulations and blessings from the attending sheikhs and guests on the occasion. Take a look at some photographs from the evening: Among those who attended the reception were His Excellency Sheikh Humaid bin Ahmed Al Mu'alla; Sheikh Khalid bin Rashid Al Mu'alla, Head of the Amiri Diwan; Sheikh Maktoum bin Rashid Al Mu'alla; Sheikh Saif bin Rashid Al Mu'alla, Chairman of the Department of Economic Development; Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman; Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Municipality and Planning Department in Ajman; and a number of other sheikhs.
Arabian Business
4 hours ago
- Arabian Business
Sheikh Hamdan meets UAE space sector startups as country emerges as out-of-this-world hub
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of the Supreme Space Council, met with representatives of leading space sector startups operating in the UAE. The meeting is part of. Sheikh Hamdan's keenness to advance the national space ecosystem and further promote its role as a global leader in the space industry. Sheikh Hamdan underscored the importance of strong partnerships and strategic collaboration between the public and private sectors as a foundation for developing an advanced and innovative space ecosystem. UAE space sector He highlighted that continuous innovation and long-term investment in future technologies are essential to this progress. Sheikh Hamdan also expressed confidence in the capabilities of UAE-based companies and entrepreneurs, noting their crucial role in driving the growth of the local space industry and strengthening the country's position as a leading global hub in this strategic field. Sheikh Hamdan also highlighted the space sector as a vital driver of the future and sustainable economic growth. He stressed the UAE's ongoing efforts to build a supportive environment that fosters the growth of national companies and unlock new opportunities for investment and innovation, boosting the country's global competitiveness and leadership in space. The private sector is leading the space scene in the UAE, reaffirming the maturity of national investments that have been established over the past three decades A number of the UAE based companies took part in the meeting, representing a wide range of specialisations, including: Locally developed Internet of Things (IoT) solutions Artificial intelligence and remote sensing Commercial space ecosystem development Edge computing for robotics applications High-resolution Earth observation via microsatellites AI systems Robotics Interactive simulation technologies Reusable space launch systems Participants shared insights into their current projects, long-term strategies, and future investment plans in support of the national economy. Discussions focused on strengthening public-private collaboration, expanding operations both locally and internationally, and exploring promising opportunities within the UAE's growing space sector—highlighting the private sector's central role in shaping a globally competitive and integrated space industry. UAE startups play crucial role in developing space sector Company representatives reaffirmed their commitment to the UAE's space ambitions and outlined plans to expand their operations within the country. They praised the UAE's flexible regulatory framework and advanced infrastructure as key enablers of sustained investment. Attendees also welcomed initiatives such as the Space Economic Zones Programme, which they said play a vital role in enabling collaboration and fostering long-term, sustainable growth across the space ecosystem. The meeting was attended by: Dr. Ahmad Belhoul Al Falasi, Minister of Sports, Secretary-General of the Supreme Space Council, and Chairman of the Board of Directors of the UAE Space Agency Khalid Al Awadi, founder of Rimal Ibrahim Al Obaidly, founder of Ardhiyat Al Ibdaa Information Solutions David Critchley, CEO of 4EI Dr. Hamdullah Mohib, CEO of Marlan Space Alex Lapir, CEO of Aliensense Abdulhalim Jallad, co-founder of Oryx Space
The National
5 hours ago
- The National
A fragile truce reached during US-China trade talks
After 20 hours of intense negotiations in London – and a late-night delivery from a well-known restaurant – the US and China have emerged with a framework trade agreement that offers a pause in escalating tensions but falls short of a full breakthrough. US Commerce Secretary Howard Lutnick described the outcome with cautious optimism. 'We finally have meat on the bone,' he told reporters in London. 'This is progress – not just atmospherics – and it reflects meaningful give on both sides.' Three pillars of the London framework Tariffs stopped until August 10: Both nations have agreed to a temporary halt in tariff escalation to allow space for continued dialogue. Concessions from China have been agreed on to ease export controls on rare earth elements and industrial magnets, critical for the US defence and automotive sectors. This move is seen as a strategic opening, particularly given China's grip on global rare earth supplies. US concessions include a rollback on selected semiconductor restrictions, a signal that Washington is open to de-escalation in the sensitive tech space. Implementation or illusion? The agreement is now in the so-called 'implementation phase', awaiting ratification by Chinese President Xi Jinping and US President Donald Trump. But the reaction from financial markets is one of cautious recalibration. 'Markets have seen the movie of a US-China deal falling apart, so too have markets seen the patch-up movie many times,' said veteran analyst Terry Haines at Pangaea Policy. Equities, bonds and foreign exchange markets registered only marginal moves. The hesitation is rooted in scepticism, given the long history of similar efforts unravelling. 'China's not interested in geopolitical moderation,' Mr Haines said. 'Today's geopolitical situation argues against China wanting to do any broad deals – especially with China's client states, Russia and Iran, both becoming more belligerent and difficult over the past week.' Cynicism or realism? The broader concern among analysts is that China may be engaging in what's been called 'extend and pretend' – offering incremental concessions to avoid conflict while avoiding deeper structural change. What happens next? Markets and risk takers have a simplistic take on 'fool me once, shame on you. Fool me twice, shame on me'. The framework agreed to in London represents a moment of stability in a volatile relationship, but few are mistaking it for a turning point. Markets, policymakers and analysts alike are watching closely – not for more words, but for tangible implementation and long-term change.
