Mideast Stocks: Gulf bourses end mixed on US-China trade-talks
Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution.
Saudi Arabia's benchmark index - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer.
Dubai's main share index eased 0.1%, hovering around 17-year high, with top lender Emirates NBD losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill.
In Abu Dhabi, the index inched 0.1% higher, with ADNOC Gas gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project.
The Qatari index added 0.2%, with Qatar Gas Transport increasing 2.8%. Outside the Gulf, Egypt's blue-chip index was up 0.1%, helped by a 2% rise in Commercial International Bank .
SAUDI ARABIA was flat at 11,005
Abu Dhabi up 0.1% to 9,805
Dubai eased 0.1% to 5,596
QATAR added 0.2% to 10,713
EGYPT up 0.1% to 32,935
BAHRAIN down 0.1% to 1,923
OMAN rose 0.2% to 4,592
KUWAIT gained 0.7% to 8,983
(Reporting by Ateeq Shariff in Bengaluru; Editing by Leroy Leo)
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