Most Gulf markets fall on weak earnings, US economic worries
U.S. President Donald Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries that failed to reach trade deals with Washington by his August 1 deadline.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, hit by a 1.2% decline by oil behemoth Saudi Aramco (2222.SE), opens new tab ahead of its earnings announcement on Tuesday.
Jabal Omar Development (4250.SE), opens new tab slid 5.4%, after posting a second-quarter loss. The developer - which runs the Jabal Omar complex of hotels and property near Mecca's Grand Mosque - was hit by reduced hotel revenues and a 106 million riyal ($28.26 million) property impairment charge, which lowered gross profit.
Among other losers, Saudi Basic Industries Corp (2010.SE), opens new tab - 70% owned by Saudi Aramco - retreated 1.2%, after reporting a second-quarter loss. The chemical firm attributed its losses to 3.78 billion riyals in impairment charges and provisions related to a cracker closure in the UK in line with a portfolio review to reduce costs and improve profitability.
Oil prices - a catalyst for the Gulf's financial markets - fell $2 a barrel on Friday due to jitters over a potential production hike by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand.
Eight OPEC+ countries meeting on Sunday have agreed to raise oil output in September by 548,000 barrels per day, Reuters reported citing two OPEC+ sources while the meeting was still under way.
Elsewhere, Saudi Aramco Base Oil Co (2223.SE), opens new tab plunged 10% - its biggest intraday fall since its listing in December 2022 - following an 18% drop in quarterly profit.
In Qatar, the index (.QSI), opens new tab fell 0.8%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.2%, helped by a 3.2% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
($1 = 3.7511 riyals)
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