logo
Most Gulf markets gain on earnings boost, but Saudi index extends losses

Most Gulf markets gain on earnings boost, but Saudi index extends losses

Reuters17-07-2025
July 17 (Reuters) - Most major stock markets in the Gulf rose on Thursday, lifted by positive corporate earnings and announcements, although the Saudi index was set to extend losses for an eighth consecutive session.
Dubai's main share index (.DFMGI), opens new tab advanced 1.2%, hitting a 17-1/2-year high, buoyed by financial shares.
Shares of Emirates NBD (ENBD.DU), opens new tab jumped 4%, on course to gain for a third consecutive session, after the top lender announced it had concluded 3.9 billion dirhams ($1.06 billion) in syndicated loans for Dubai Metro's Blue Line Project.
Budget airliner Air Arabia (AIRA.DU), opens new tab advanced 5.1% to a record high on plans to increase its Abu Dhabi unit's operational capacity by 40% this year, following Wizz Air Abu Dhabi's exit from the market.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.6%.
The Qatari index (.QSI), opens new tab gained 0.5%, supported by a 2.6% rise in Qatar Islamic Bank (QISB.QA), opens new tab after the lender reported higher half-yearly profit.
The sharia-compliant lender reported on Wednesday a first-half net profit of 2.18 billion riyals ($598.46 million), up 5.3% from last year.
Shares of Commercial Bank of Qatar (COMB.QA), opens new tab dropped 1.3%, a day after the lender posted a nearly 20% decline in net profit for the six-month period ended June 30.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.2%, on course to fall for a eighth consecutive session, with Al Rajhi Bank (1120.SE), opens new tab losing 0.8%.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab was down 0.7%.
($1 = 3.6427 Qatar riyals)
($1 = 3.6726 UAE dirham)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Key elements of EU-U.S. trade deal agreed on Sunday
Key elements of EU-U.S. trade deal agreed on Sunday

Reuters

time3 hours ago

  • Reuters

Key elements of EU-U.S. trade deal agreed on Sunday

BRUSSELS, July 27 (Reuters) - The U.S. and the European Union agreed on a framework trade deal on Sunday, ending months of uncertainty for industry and consumers on both sides of the Atlantic. Here are the main elements of the deal: * Almost all EU goods entering the U.S. will be subject to a 15% baseline tariff, including cars, which now face 27.5%, as well as semiconductors and pharmaceuticals. The 15% tariff is the maximum tariff and is not added to any existing rates. * However, the U.S. is to announce the result of its 232 trade investigations in two weeks and decide separately on tariff rates for chips and pharmaceuticals. Whatever U.S. decisions come later on these sectors will be "on a different sheet of paper", European Commission President Ursula von der Leyen said. * The U.S. and EU will have zero-for-zero tariffs on all aircraft and their components, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources and critical raw materials. More products would be added. The situation for spirits is still to be established. * Tariffs on European steel and aluminium will stay at 50%, but von der Leyen said these would later be cut and replaced by a quota system. * The EU pledged to buy $250 billion of U.S. liquefied natural gas (LNG) a year for three years, totalling $750 billion in total, as it replaces Russian gas. The EU will also buy nuclear fuel from the U.S. * Under the deal, the EU pledged to buy U.S. military equipment and European companies are to invest $600 billion in the U.S. over the course of Trump's second term.

EU's von der Leyen: 15% the 'best we could get'
EU's von der Leyen: 15% the 'best we could get'

Reuters

time3 hours ago

  • Reuters

EU's von der Leyen: 15% the 'best we could get'

PRESTWICK, Scotland, July 27 (Reuters) - European Commission President Ursula von der Leyen defended the trade deal clinched with United States on Sunday as "the best we could get" and not to be underestimated given the looming threat of 30% tariffs that had been hanging over the EU. A baseline tariff rate of 15% on EU goods imported into the United States would apply to most goods including cars, semiconductors and pharmaceutical goods, von der Leyen said. Meanwhile, a zero-for-zero tariff rate had been agreed for certain strategic products, including aircraft and aircraft parts, certain chemicals, and certain generic drugs. No decision had been taken on a rate for wine and spirits, she added. Asked if she considered 15% a good deal for European carmakers, von der Leyen told reporters: "15% is not to be underestimated, but it is the best we could get." The European Union committed to purchasing $750 billion worth U.S. LNG and nuclear fuel over three years. "We still have too much Russian LNG that is coming through the back door," she said. The European Commission has proposed phasing out all Russian gas imports by Jan 1, 2028. "Today's deal creates certainty in uncertain times, delivers stability and predictability," von der Leyen told reporters before leaving Scotland.

EU's von der Leyen: trade deal delivers certainty in uncertain times
EU's von der Leyen: trade deal delivers certainty in uncertain times

Reuters

time4 hours ago

  • Reuters

EU's von der Leyen: trade deal delivers certainty in uncertain times

PRESTWICK, Scotland, July 27 (Reuters) - European Commission President Ursula von der Leyen on Sunday said a U.S. baseline tariff rate of 15% on imported EU goods would apply to cars, semiconductors and pharmaceutical goods. She also said that a zero-for-zero tariff rate had been agreed for certain strategic products, including aircraft and aircraft parts, certain chemicals, and certain generic drugs. No decision had been taken on a rate for wine and spirits, she added. "Today's deal creates certainty in uncertain times, delivers stability and predictability," von der Leyen told reporters before leaving Scotland.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store