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Zawya
05-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on signs of easing trade woes; Saudi falls
Most stock markets in the Gulf ended higher on Sunday helped by renewed optimism around a potential resolution of the U.S.-China trade dispute, although the Saudi index retreated on poor earnings and weak oil. Beijing is evaluating Washington's offer to hold talks over U.S. President Donald Trump's crushing tariffs, China's Commerce Ministry said, signaling a potential de-escalation of the market-rattling trade war. The Qatari index gained 0.5%, with Qatar Islamic Bank rising 2.1% and Qatar Gas Transport Nakilat advancing 2.9%. Separately, QatarEnergy - one of the world's biggest liquefied natural gas suppliers - is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project, five trading and industry sources told Reuters. Saudi Arabia's benchmark index, however, dropped 1.1%, weighed down by a 4.1% slide in Saudi Arabian Mining Company and oil giant Saudi Aramco retreating 1%. Elsewhere, Saudi Basic Industries Corp declined 2.8% as the petrochemical maker posted quarterly losses. Oil prices - a catalyst for the Gulf's financial markets - fell over 1% lower on Friday and recorded for their biggest weekly losses since the end of March. OPEC+ plans to further accelerate oil output hikes and could unwind its 2.2 million barrels per day of voluntary cuts by the end of October if members do not improve compliance with their production quotas, Reuters reported, citing five sources from the group. Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, led by a 1.6% increase in Talaat Moustafa Group Holding. SAUDI ARABIA fell 1.1% to 11,412 QATAR gained 0.5% to 10,500 EGYPT rose 0.7% to 32,352 BAHRAIN finished flat at 1,912 OMAN gained 0.3% to 4,342 KUWAIT added 0.4% to 8,596 (Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra)
Zawya
01-05-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed on oil price fall, weak US economic data
Stock markets in the Gulf ended mixed on Thursday amid falling oil prices and weaker-than-expected U.S. GDP data. The U.S. economy contracted in the first quarter, largely because of a surge in imports as businesses sought to avoid expected tariffs. Risks are high that U.S. President Donald Trump's tariff policies could push the global economy into a recession this year, a Reuters poll found on Monday. Saudi Arabia's benchmark index declined 1.1%, weighed down by a 0.9% fall in Al Rajhi Bank and a 2.2% slide in the country's biggest lender Saudi National Bank . Oil giant Saudi Aramco also fell 0.6%. Oil prices — a catalyst for the Gulf's financial markets — fell, extending a steep decline the previous session due to signs that Saudi Arabia, the world's largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world's top oil consumer. Meanwhile, Saudi Arabia's economy grew in the first quarter, supported by activity in the non-oil sector as the kingdom pushes on with diversifying away from hydrocarbons. Dubai's main share index declined 0.7%; Commercial Bank of Dubai fell 8.9%, snapping a four-day winning streak. In Abu Dhabi, the index edged 0.2% higher, helped by a 0.4% rise in conglomerate International Holding. The Qatari benchmark eased 0.1%, with petrochemical maker Industries Qatar retreating 2.9%. Outside the Gulf, Egypt's blue-chip index rose 0.3%, with Commercial International Bank gaining 1.3%. SAUDI ARABIA lost 1.1% to 11,544 Abu Dhabi up 0.2% to 9,556 Dubai fell 0.7% to 5,273 QATAR eased 0.1% to 10,448 EGYPT up 0.3% to 32,126 OMAN added 0.3% to 4,330 KUWAIT rose 0.1% to 8,562 (Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
Zawya
30-04-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain ahead of earnings, US data
Most stock markets in the Gulf ended higher on Wednesday ahead of more corporate earnings announcements, while investors awaited a spate of U.S. economic data expected this week. The U.S. is scheduled to report advance first-quarter GDP data at 1330 GMT (0830 ET), which is expected to show that the economy stalled or even contracted in the first quarter, swamped by a deluge of imported goods by businesses eager to avoid higher costs. Meanwhile, U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner. In Abu Dhabi, the index reversed early losses to close 0.1% higher, helped by a 3.3% jump in the United Arab Emirates' biggest lender, First Abu Dhabi Bank, extending gains for a second session. On Tuesday, the bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' estimate of 4.24 billion dirhams, according to data compiled by LSEG. On the other hand, Abu Dhabi Commercial Bank declined 2.2% following a drop in first-quarter operating income. Dubai's main share index advanced 1.3%, led by a 14.9% surge in Commercial Bank of Dubai. The Qatari index finished 1.3% higher, with the Gulf's biggest lender, Qatar National Bank, gaining 2.1%. Saudi Arabia's benchmark index, however, fell 0.6%, hit by a 1.3% fall in Al Rajhi Bank and a 1.2% decrease in oil giant Saudi Aramco. Oil prices extended declines and were set for their largest monthly drop in almost three-and-a-half years as the global trade war eroded the outlook for fuel demand amid supply concerns. Outside the Gulf, Egypt's blue-chip index added 0.3%. SAUDI ARABIA fell 0.6% to 11,672 Abu Dhabi up 0.1% to 9,534 Dubai leapt 1.3% to 5,307 QATAR gained 1.3% to 10,460 EGYPT up 0.3% to 32,126 BAHRAIN added 0.5% to 1,912 OMAN rose 0.4% to 4,316 KUWAIT was up 0.8% to 8,554 ($1 = 3.6728 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Pooja Desai)
Zawya
29-04-2025
- Automotive
- Zawya
Mideast Stocks: Most Gulf bourses gain on upbeat earnings, easing tariff concerns
Most stock markets in the Gulf ended higher on Tuesday underpinned by positive corporate earnings and amid indications of easing U.S.-China trade tensions. U.S. President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said. In a notable development, China has lifted tariffs on some U.S. imports and asked companies to specify critical goods needing exemptions, signalling Beijing's increasing unease over the trade war's consequences. Dubai's main share index gained 0.5%, with top lender Emirates NBD rising 0.7%. In Abu Dhabi, the index rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank as the United Arab Emirates' biggest lender beat first-quarter estimates. The bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG. On the other hand, investment firm Multiply Group slid 3.2% after reporting a drop in first-quarter profit. Saudi Arabia's benchmark index closed 0.3% lower, hit by a 2.2% fall in Alinma Bank, after the lender reported a sequential fall in first-quarter profit. Elsewhere, Saudi Kayan Petrochemical Company retreated 2.8%, as the petrochemical firm's quarterly losses widened. However, Arabian Contracting Services Company surged about 10% - to become the top gainer on the index - following a steep rise in annual sales. The Qatari index was up 0.2%. Outside the Gulf, Egypt's blue-chip index inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH), as the firm is in advanced negotiations for a new large-scale mixed-use project in Iraq. The project is expected to produce annual recurring income exceeding $1.5 billion. SAUDI ARABIA fell 0.3% to 11,746 Abu Dhabi up 0.6% to 9,528 Dubai gained 0.5% to 5,241 QATAR added 0.2% to 10,325 EGYPT rose 0.1% to 32,043 BAHRAIN was up 0.6% to 1,903 OMAN added 0.1% to 4,298 KUWAIT increased 0.3% to 8,488 ($1 = 3.6728 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon Singleton)
Zawya
14-04-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on US tariff exemptions
Most Gulf stock markets ended higher on Monday, in line with global shares, supported by an easing of trade tensions after the U.S. granted exemptions for smartphones and computers from tariffs. The move also excluded the specified electronics from Trump's 10% "baseline" tariffs on goods from most countries other than China, easing import costs for semiconductors from Taiwan and Apple iPhones produced in India. On Wednesday, Trump had announced a reprieve for levies on dozens of countries, while ratcheting up tariffs on Chinese imports effectively to 145%. Dubai's main share index advanced 1.8%, led by a 4.7% jump in top lender Emirates NBD and a 3.2% rise in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index climbed 0.9%. Oil prices - a catalyst for the Gulf's financial markets - rose more than 1% on the U.S. tariff exclusions and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the U.S. and China could weaken global economic growth and dent fuel demand. The Qatari index added 0.3%, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank. Saudi Arabia's benchmark index, however, finished flat, after two sessions of gains. The Organization of the Petroleum Exporting Countries cut its 2025 global oil demand growth forecast on Monday, citing the impact of data received for the first quarter and U.S. tariffs, and also reduced its global economic growth forecasts for this year and next. Outside the Gulf, Egypt's blue-chip index ended flat. Meanwhile, Qatar and Egypt agreed to work towards a package of $7.5 billion in direct Qatari investments, according to a joint statement released by the Egyptian president's office on Monday. Egypt is pushing ahead with efforts to secure funding from Gulf neighbours and foreign partners as it seeks to tackle heavy foreign debts and a gaping budget deficit SAUDI ARABIA finished flat at 11,597 Abu Dhabi was up 0.9% to 9,237 Dubai advanced 1.8% to 5,056 QATAR increased 0.3% to 10,118 EGYPT finished flat at 31,182 BAHRAIN was up 0.1% to 1,904 OMAN closed flat at 4,276 KUWAIT was down 0.1% to 8,357 (Reporting by Ateeq Shariff in Bengaluru. Editing by Mark Potter)
