Mideast Stocks: Gulf markets dip as trade uncertainty, mixed earnings weigh on sentiment
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 eased 0.2%, with index heavyweight Al Rajhi Bank losing 0.5%, while Alinma Bank declined 1.6%, despite reporting a rise in second-quarter earnings.
The Abu Dhabi index fell 0.1%, as a flurry of upcoming earnings kept the investors on the sidelines, with the country's biggest lender First Abu Dhabi Bank retreating 1.2%, a day after jumping 5% on upbeat earnings.
Shares of Bank of Sharjah fell more than 2% as traders locked in profits following a two-digit percentage rally in the previous session on strong half-year results.
Dubai's main share index was little changed in narrow trade, as a 2.3% drop in Emirates NBD weighed on sentiment. The top lender reported a 9% decline in first-half profit, hit by lower recoveries and a higher tax rate, making financials the worst-performing sector on the index.
Qatar stock index was marginally down, but held near a two-and-a-half-year high.
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala)
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