Mideast Stocks: UAE tracks global gains on trade optimism; Saudi index flat on earnings, ex-dividends
The United States and the European Union on Sunday struck a framework trade agreement, which will impose a 15% import tariff on most EU goods, half the threatened rate.
Meanwhile, senior U.S. and Chinese negotiators will meet in Stockholm later in the day in a bid to extend the tariff truce ahead of an August 12 deadline, avoiding an escalation in duties.
Saudi Arabia's benchmark index was flat in choppy trade as a mixed earnings season and several blue-chip stocks trading ex-dividend partially offset optimism surrounding global trade outlook.
Petrochemical giant Saudi Kayan surged more than 4% as its second-quarter loss halved from a year earlier, while Arabian Cement slid more than 3% as second-quarter profit fell short of expectations.
Banque Saudi Fransi and Arab National Bank dropped 4.1% and 2%, respectively, after their shares began trading ex-dividend.
Dubai's benchmark index gained 0.5% to a 17-1/2 year high, on course to extend its winning streak for a third consecutive session, supported by a 2.5% jump in Emirates NBD Bank.
The Abu Dhabi index was marginally higher. Shares of Americana Restaurants International and marine EPC contractor NMDC climbed more than 1% ahead of earnings.
Qatar's benchmark index eased 0.4%, as traders locked in profits following a recent multi-year rally, with all sectors in the red, led by a 1.5% decline in Qatar Islamic Bank.
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