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Reuters
4 days ago
- Business
- Reuters
Gulf shares mixed on corporate earnings, US inflation
Aug 11 (Reuters) - Stock markets in the Gulf were mixed on Monday as investors weighed earnings reports while awaiting key U.S. inflation data and the expiry of a U.S. tariff deadline on China. U.S. consumer prices, scheduled for Tuesday, will offer clues on the Federal Reserve's path for rate cuts. A hotter than expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of an easing in September and at least one more cut by year-end. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped for a third straight session, ending 1% lower, with most constituents posting losses. Saudi Advanced Industries Co ( opens new tab slumped 9.5% to hit more than two-year low after the investment firm posted a second-quarter net loss, compared to profit a year earlier. Shares of MBC Group ( opens new tab dropped 4.1% to 30.3 riyals per share, their lowest since listing in January. The media giant reported a 38% decrease in quarterly net profit. Among other losers Al-Dawaa Medical Services Co ( opens new tab dropped 6.3% as the healthcare service provider reported a 9.7% year-on-year decline in quarterly net profit. The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell for a fourth day, dipping 0.1%, with Abu Dhabi Islamic Bank ( opens new tab dropping 1.9% and Ghitha Holding ( opens new tab declining 4.8%. In contrast, Apex Investment ( opens new tab advanced 4.3% and Dana Gas ( opens new tab rose 1.6%. Dubai's benchmark stock index (.DFMGI), opens new tab was up 0.1%, aided by gains in consumer discretionary, utilities, communication and industry shares. Tolls operator Salik ( opens new tab added 1.7% and Amlak Finance ( opens new tab surged 10.1%. The Qatari benchmark index (.QSI), opens new tab gained 0.1%, supported by a 0.5% rise in Industries Qatar ( opens new tab and a 1.5% increase in Qatar Electricity and Water ( opens new tab. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.6% after a seven-session winning streak and hitting a fresh record high in the previous session. Abu Qir Fertilizers ( opens new tab lost 1.1% while Talaat Moustafa Group ( opens new tab shed 0.6%. Egypt's largest developer, TMG, posted a 26.6% fall in second-quarter net profit attributable to shareholders, compared to the previous three months. Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, while core inflation rose to 11.6% year-on-year in July from 11.4% in June, the central bank said late on Sunday.
Reuters
11-06-2025
- Business
- Reuters
Gulf bourses end mixed on US-China trade-talks
June 11 (Reuters) - Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hovering around 17-year high, with top lender Emirates NBD ( opens new tab losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas ( opens new tab gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index (.QSI), opens new tab added 0.2%, with Qatar Gas Transport ( opens new tab increasing 2.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.1%, helped by a 2% rise in Commercial International Bank ( opens new tab.
Reuters
04-06-2025
- Business
- Reuters
Most Gulf markets rise, Dubai's main index hits over 17-year high
June 4 (Reuters) - Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance ( opens new tab the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021. It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index (.FTFADGI), opens new tab followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains. Oil prices - a catalyst for stock markets in the Gulf - held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months. Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 1.59% higher, with Arabian Pipes Company ( opens new tab jumping 35.15%. The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco ( opens new tab raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index (.QSI), opens new tab finished 0.56% lower, with Commercial Bank ( opens new tab falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 1%, with automotive company GB Corp ( opens new tab rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs. All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat. ($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals)
Reuters
03-06-2025
- Business
- Reuters
Dubai's stock index rises, logs second straight session of gains
June 3 (Reuters) - Most Gulf stock markets settled higher on Tuesday, with Dubai's main share index (.DFMGI), opens new tab marking a second consecutive session of gains and settling up 0.68%. "In Dubai, the market continued its upward trajectory, demonstrating healthy momentum and potential for further gains, with the financial sector significantly influencing performance, led by stocks such as Dubai Islamic Bank and Emirates NBD," said Milad Azar, market analyst at XTB MENA. "This performance is underpinned by strong fundamentals and a solid economic outlook for the year." In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab finished up 0.46%, snapping two consecutive session of losses. The financial sector led gains on the Abu Dhabi stock market with Abu Dhabi Islamic Bank ( opens new tab up 2.6% and First Abu Dhabi bank up 1.53%. Oil prices - a catalyst for markets in the Gulf - edged up on Tuesday, supported by a rise in geopolitical tensions and supply concerns. Brent crude futures was up 0.7%, at $65.08 a barrel by 1154 GMT. Ukraine and Russia ramped up the ongoing war this weekend with one of the biggest drone battles of their conflict, despite peace talks in Turkey. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute. If talks fail, Iran could face continued sanctions, limiting oil supply to the country. Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.16% lower. United Carton Industries ( opens new tab was the top loser on the index, losing 3.98%. "Sector performance was mixed. These movements suggest uncertainty at current levels, as investors await further developments, particularly upcoming US economic data releases that could influence the Saudi market. Ongoing trade tensions also continue to impact investor sentiment," said Azar. Qatar's benchmark stock index (.QSI), opens new tab settled up 1.28%, helped by a 3.44% rise in Qatar Gas Transport ( opens new tab. The index logged its highest intraday gain since April 30. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab settled flat on Tuesday. U.S. President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday. This comes just days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. The newly announced 50% tariffs on worldwide steel and aluminium are set to go into effect on Wednesday, June 4.
Reuters
22-05-2025
- Business
- Reuters
Saudi Arabia settles lower, worst weekly performance in over a month
May 22 (Reuters) - Saudi Arabia's main stock index closed lower on Thursday, clocking its worst weekly performance in over a month, after official reports showed that crude oil exports in March declined. The kingdom's stock index (.TASI), opens new tab shed 1.02% on Thursday, underperforming its peers in the Middle East. It was down 2.5% for the week. Official data on Wednesday showed the country's crude oil exports in March fell to 5.754 million barrels per day from 6.547 million bpd in February. Oil prices, a catalyst for stock markets in the Gulf, also dropped by more than a percent after Bloomberg reported OPEC+ was discussing a production increase for July, which raised worries that global supply could exceed demand growth. O/R Dubai's benchmark index (.DFMGI), opens new tab snapped two consecutive sessions of decline, ending 0.26% higher. UAE-based insurer Dubai Insurance ( opens new tab was the top gainer on the index, jumping 15% to a near 21-year high. The index has been bolstered by a slew of business agreements between the U.S. and UAE announced last week during President Donald Trump's Gulf Tour. Elsewhere, the main stock indices in Abu Dhabi (.FTFADGI), opens new tab and Qatar (.QSI), opens new tab ended the session flat on Thursday. Qatar's benchmark index saw its biggest weekly rise since October 2024. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab, closed up 0.44% ahead of an expected rate cut by the country's central bank later on Thursday.
