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Reuters
11-04-2025
- Business
- Reuters
Dubai bourse eases amid US-China trade war; Abu Dhabi gains
April 11 (Reuters) - Dubai's stock market slipped on Friday, weighed down by investor concerns over the rapidly intensifying U.S.-China trade war and its potential economic impact, although the Abu Dhabi index finished higher. Beijing on Friday increased its tariffs on U.S. imports to 125%, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145% and raising the stakes in a trade war that threatens to upend global supply chains. Dubai's main share index (.DFMGI), opens new tab fell 0.2%, hit by a 2.2% drop in blue-chip developer Emaar Properties ( opens new tab and a 4.8% slide in Commercial Bank of Dubai ( opens new tab. However, the Dubai index managed to eke out a weekly gain of 0.3%. Regionally, markets were significantly impacted this week by ongoing trade tensions between the U.S. and its economic partners, said Ahmed Negm, Head of Market Research MENA at In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.4%, helped by a 1.7% rise in Alpha Dhabi Holding ( opens new tab. Oil prices - a catalyst for the Gulf's financial markets - rose, but still headed for a second straight week in the red on concerns about a prolonged trade war between the United States and China.
Reuters
25-02-2025
- Business
- Reuters
Gulf markets mixed on weak earnings, US curbs on China
Feb 25 (Reuters) - Stock markets in the Gulf were mixed on Tuesday as corporate earnings fell short of market expectations, amid concerns about U.S. investment curbs on China. U.S. President Donald Trump has ordered restrictions on Chinese investments in strategic areas such as chips, artificial intelligence and aerospace. Also weighing on sentiment was Trump's indication that proposed tariffs on Mexico and Canada were still set to start next week, although investors had hoped negotiations would forestall the threat. Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 0.2%, with ACWA Power Company ( opens new tab retreating 3.2%. ACWA Power reported annual profit ahead of analysts' estimates but missed on revenue. Among other losers, Saudi Ceramic Company ( opens new tab plunged 10%, its biggest intraday fall since October 2020, after reporting an annual loss. Yanbu National Petrochemical Company ( opens new tab declined 1.7% after its 2024 profit missed analysts' estimates. Dubai's main share index (.DFMGI), opens new tab nudged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties ( opens new tab, while Emirates NBD (ENBD) ( opens new tab climbed 1.7%. ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank ( opens new tab at 11.95 dirhams ($3.25) per share. In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, with ADNOC Gas ( opens new tab closing 1.8% higher. The Qatari benchmark (.QSI), opens new tab dropped 0.7%, as most of its constituents were in negative territory including Qatar Navigation ( opens new tab, which retreated 3.9%. The Qatari stock market slipped as profit-taking emerged following a period of horizontal trading amid uncertainty near resistance levels, said Hani Abuagla, senior market analyst at XTB MENA. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.9%, weighed down by a 2.6% fall in Commercial International Bank ( opens new tab. The Kuwait bourse was closed for a public holiday. ($1 = 3.6725 UAE dirham)
