Mideast Stocks: Major Gulf shares fall on corporate earnings; Egypt extends rally
U.S. President Donald Trump's higher tariffs kicked in on Thursday, and he also said the United States will impose a tariff of about 100% on imports of semiconductors but with some exemptions.
Dubai's benchmark stock index slipped 0.4%, weighed down by declines in real estate, consumer staples and financial shares. Emaar Properties fell 1%, while its unit Emaar Development dropped 2.3%. Emaar Properties, Dubai's largest property developer, posted on Wednesday a 39.7% year-on-year rise in second-quarter net profit attributable to shareholders, but its profit dipped 9% from the previous three-month period.
Saudi Arabia's benchmark stock index fell 0.2%, with most constituents posting losses. Saudi Research and Media dropped 3%, after the media firm reported a second-quarter net loss, compared to net profit a year earlier. MOBI Industry lost 7% after the fertilizer maker reported a 49.5% year-on-year decline in quarterly net profit.
The Abu Dhabi benchmark index eased 0.1%, pressured by a 0.5% loss in conglomerate International Holding and a 2.9% drop in Agthia Group, which reported a net loss for the second quarter. In contrast, Burjeel Holding surged 4.8%, after posting a more than twofold jump in net profit.
The Qatari benchmark index gained for a fifth day and rose 0.3% to 11,364, its highest level in more than 2-1/2 years, with most stocks in positive territory. Qatar National Bank, the region's largest lender, added 1% and Qatar Aluminum Manufacturing rose 1.7%, after reporting a 44% increase in half-year net profit.
Outside the Gulf, Egypt's blue-chip index extended its rally to a sixth session, rising 0.9% to a new all-time high at 35,809 with most stocks in the green. E-Finance jumped 6.3% and Talaat Moustafa Group advanced 1.2%. SAUDI ARABIA down 0.2% to 10,930
KUWAIT up 0.5% to 9,261
QATAR rose 0.3% to 11,364
EGYPT gained 0.9% to 35,809
BAHRAIN ended flat at 1,945
OMAN up 0.8% to 4,850
ABU DHABI down 0.1% to 10,317
DUBAI lost 0.4% to 6,133
(Reporting by Md Manzer Hussain; Editing by Vijay Kishore)
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