Latest news with #Al Rajhi Bank
Zawya
7 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf stocks rebound on earnings, US-Japan trade deal
Most Gulf stocks rebounded on Wednesday, buoyed by corporate earnings announcements and optimism following U.S. President Donald Trump's trade deal with Japan, which raised hopes for additional agreements before an impending tariff deadline. Trump said on Tuesday that the U.S. and Japan had reached a trade deal that includes a 15% tariff on U.S. imports from Japan. It followed an agreement with the Philippines by which the U.S. will collect a 19% tariff rate on imports from there. While the increasing imposition of tariffs around the world poses risks to global economic growth and oil demand, the recent U.S.-Japan deal helped ease investor concerns and supported oil prices. Saudi Arabia's benchmark index advanced 1.3%, led by a 1.1% gain in Al Rajhi Bank and a 2.3% increase in Saudi National Bank, the country's largest lender by assets. Earlier this week, the duo reported a rise in quarterly earnings. The Saudi stock market may experience a solid rebound if earnings releases continue to be positive and external pressures diminish, said Milad Azar, market analyst at XTB MENA. "A potential trade deal with the European Union, with the August 1 deadline approaching, could also provide a boost." The Abu Dhabi index jumped 1.2%, with First Abu Dhabi Bank (FAB), the United Arab Emirates' largest lender, surging 5% - its biggest intraday gain in a month - after beating second-quarter profit estimates on strong revenue growth. Elsewhere, Bank of Sharjah soared 10%, a day after posting a sharp rise in half-yearly profit. Among other gainers, Space42 advanced 1% after securing a $695.5 million facility to fund next-generation UAE satellites. Dubai's main share index finished 1% higher, snapping a three-day losing streak, led by a 2.9% jump in top lender Emirates NBD (ENBD), as the bank is slated to report its quarterly earnings on Thursday. Qatar stock index edged 0.4% higher, touching a fresh two-and-a-half-year high, with most sectors closing in the green. Outside the Gulf, Egypt's blue-chip index rose 1%, continuing its ascent to record highs, with Commercial International Bank rising 1.5% following an increase in quarterly profit. SAUDI ARABIA jumped 1.3% to 10,984 ABU DHABI rose 1.2% to 10,296 DUBAI climbed 1% to 6,086 QATAR gained 0.4% to 11,186 EGYPT added 1% to 34,125 BAHRAIN increased 0.3% to 1,950 OMAN eased 0.3% to 4,765 KUWAIT inched up 0.2% to 9,296 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Tasim Zahid)
Zawya
21-07-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks steady as strong earnings offset US tariff jitters
Gulf stocks held their ground as investors weighed upbeat corporate earnings against lingering uncertainty over U.S. trade policy, after reports that Washington is pushing for a minimum 15% to 20% tariff in any deal with the European Union. Despite global jitters, strong results from regional heavyweights and steady oil prices helped offset external headwinds. Saudi Arabia's benchmark index edged 0.2% higher, on course to snap its longest downturn in nearly two years, with financials driving the gains. Saudi National Bank - the country's biggest lender by assets - gained 1.5% and Al Rajhi Bank, the largest sharia-compliant bank, jumped over 1% after their strong second-quarter results lifted sentiment across the banking sector. However, the petrochemical giant SIPCHEM fell 3.7% after posting a rare loss, breaking a five-year streak of profitability. Dubai's benchmark index eased 0.1%, pressured by broad-based declines as investors locked in gains after a recent multi-year rally. Meanwhile, Air Arabia surged 5.1% to a fresh record high after securing a bid to operate a new Saudi low-cost national airline, set to launch by 2030. Abu Dhabi Index posted a decline ahead of key upcoming earnings as investors looked for cues on the market's next direction. Qatar's stock index added 0.1%, nearing a two-year peak, led by a 1.5% rise in Commercial Bank. Among other gainers, Qatar International Islamic Bank advanced 1.4% on a year-on-year rise of 5.2% in its six-month profit. (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)
