Gulf stocks mixed as investors eye earnings, U.S. trade talks
While recent developments, including Washington's deal with Tokyo to lower tariffs on Japanese imports and signs of potential agreement with the European Union, appeared constructive, market participants remained cautious, awaiting clarity on the direction of global trade policy.
Saudi Arabia's benchmark index dropped 0.4%, marking its second consecutive weekly loss, pressured by persistently weaker oil prices, despite a recent rebound, with index heavyweight Al Rajhi Bank losing 0.7%, and the oil behemoth Saudi Aramco falling 0.2%.
The Saudi market may continue to face pressure due to relatively low oil prices, despite the rebound. However, though a broadly positive earnings season could help the market regain ground, said Samer Hasn, senior market analyst at XS.com.
Dubai's main share index rose 0.4% to a fresh 17-1/2-year high, as real estate gains offset early losses sparked by an over 2% drop in Emirates NBD following a 9% decline in first-half profit, dragging financial stocks lower and making the sector the worst performer on the day.
The Abu Dhabi index held steady amid mixed trading in heavyweight stocks ahead of key upcoming earnings, consolidating gains following Wednesday's strong recovery. Samer added that both the UAE markets are poised for potential gains, supported by a largely positive earnings season so far.
Qatar stock index advanced 0.3%, extended its winning streak to six sessions, rising 0.3% to a fresh two-and-a-half-year peak, driven by solid earnings reports mainly from the banking sector this week.
Market participants are awaiting next week's earnings from other sectors, which could bolster the market's upward momentum, Samer noted.
Egypt's stock market was closed on account of Republic Day.
SAUDI ARABIA eased 0.4% to 10,946
ABU DHABI was flat at 10,301
DUBAI added 0.4% to 6,111
QATAR rose 0.3% to 11,221
BAHRAIN inched up 0.2% to 1,953
OMAN eased 0.1% 4,719
KUWAIT fell 0.35 to 9,272
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)
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