Latest news with #GulfMarket
Zawya
26-05-2025
- Business
- Zawya
Mideast Stocks: Gulf markets in red as new tariff war looms
Saudi stocks performed the worst in a declining Gulf market on Sunday following the latest tariff threat by the U.S. President on European Union goods, while Israel's latest assault on Gaza kept the region on edge. Trump's statement on Truth Social on Friday that he is recommending a 50% tariff from June 1 on all EU goods sent global markets roiling. Saudi Arabia's benchmark index dropped for a third straight session, falling 1.7%% to 10,999, its lowest level since November 2023 with all sectors in the red. Al Rajhi Bank, the world's largest Islamic lender, lost 2% and ACWA Power declined 7.8%. Among other losers, Saudi National Bank, the kingdom's largest lender, dropped 2.8% and Saudi state oil company, Aramco, shed 0.6%. Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said on Saturday. The Qatari benchmark index snapped its six-session winning streak and fell 0.4% with almost all of its constituents posting losses. Qatar National Bank, the largest bank in the region, slipped 0.9% and Qatar Gas Transport declined 1.5%. However, Commercial Bank advanced 3% after the lender on Thursday approved a buyback of up to 10% of bank's fully paid-up issued shares. Meanwhile, the region remained on edge as Israeli military strikes killed at least 23 Palestinians across the Gaza Strip on Sunday. Outside the Gulf, Egypt's blue-chip index was up for a fourth consecutive session, rising 0.2% with E-Finance for Digital gaining 3.2% and Palm Hills Development advancing 3.4%. The developer, PHD, signed an agreement to develop 1.87 million SQM plot of land in Abu Dhabi. SAUDI ARABIA dropped 1.7% to 10,999 KUWAIT fell 0.2% to 8,698 QATAR slipped 0.4% to 10,736 EGYPT rose 0.2% to 32,024 BAHRAIN fell 0.04% to 1,921 OMAN rose 0.4% to 4,515 (Reporting by Md Manzer Hussain; editing by Clelia Oziel)
Reuters
25-05-2025
- Business
- Reuters
Gulf markets in red as new tariff war looms
May 25 (Reuters) - Saudi stocks performed the worst in a declining Gulf market on Sunday following the latest tariff threat by the U.S. President on European Union goods, while Israel's latest assault on Gaza kept the region on edge. Trump's statement on Truth Social on Friday that he is recommending a 50% tariff from June 1 on all EU goods sent global markets roiling. Saudi Arabia's benchmark index (.TASI), opens new tab dropped for a third straight session, falling 1.7%% to 10,999, its lowest level since November 2023 with all sectors in the red. Al Rajhi Bank( opens new tab, the world's largest Islamic lender, lost 2% and ACWA Power ( opens new tab declined 7.8%. Among other losers, Saudi National Bank( opens new tab, the kingdom's largest lender, dropped 2.8% and Saudi state oil company, Aramco ( opens new tab, shed 0.6%. Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said on Saturday. The Qatari benchmark index (.QSI), opens new tab snapped its six-session winning streak and fell 0.4% with almost all of its constituents posting losses. Qatar National Bank( opens new tab, the largest bank in the region, slipped 0.9% and Qatar Gas Transport ( opens new tab declined 1.5%. However, Commercial Bank ( opens new tab advanced 3% after the lender on Thursday approved a buyback of up to 10% of bank's fully paid-up issued shares. Meanwhile, the region remained on edge as Israeli military strikes killed at least 23 Palestinians across the Gaza Strip on Sunday. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a fourth consecutive session, rising 0.2% with E-Finance for Digital( opens new tab gaining 3.2% and Palm Hills Development ( opens new tab advancing 3.4%. The developer, PHD, signed an agreement to develop 1.87 million SQM plot of land in Abu Dhabi.
Bloomberg
21-05-2025
- Business
- Bloomberg
Saudi Airline Flynas Sets IPO Price at Top End of Range
Saudi Arabia's Flynas Co. set the price for its initial public offering at the top end of the range, showing continued demand for Gulf listings as global market turmoil eases. The low-cost airline is set to raise 4.1 billion riyals ($1.1 billion) with the first-time share sale, according to a statement.
Express Tribune
24-03-2025
- Lifestyle
- Express Tribune
Eid shopping mania grips city
As the month of Ramazan draws to a close, the shopping landscape is set ablaze with a kaleidoscope of colours, sounds, and sensations, as the city readies itself for the grandeur of Eidul Fitr. Citizens can be seen shopping until late at night, while shopkeepers introduce new varieties to attract customers. Unlike last year, women are prioritising readymade dresses this Eid. A wide range of festive collection is available at various brands, with many people welcoming the new arrivals and eagerly snapping up their favourite pieces. However, others are grumbling about the hefty price tags, as citizens are also complaining about inflation. According to a survey conducted by The Express Tribune, women are preferring colourful, attractive prints and uniquely designed clothing for Eid. The demand for these clothes has increased manifold compared to last year, and shopkeepers have raised their prices accordingly. Ashraf, a shopkeeper at a shopping mall near Teen Talwar, said that women are buying short kurtis and loose-fitting shalwar pants. Prices have doubled compared to last year. Due to the heat, however, most people are buying cotton and lawn clothes. Influencer Nida Wajid, while shopping at Gulf Market, said that the trend of loose-fitting shalwar pants, also known as 'farshi shalwar,' has taken social media by storm. This fashion is from the 1970s. Our grandmothers used to wear this traditional Asian clothing. Decades later, in 2025, the popularity of farshi shalwar has broken all previous records. "This year, short kurtis with farshi shalwar are becoming the national uniform. I've purchased one, made of silk fabric to make it look more beautiful," said Nida. A tailor at the mall said that the bottom of the farshi shalwar is usually 11 to 13 inches wide. It is wider and longer than regular trousers, and even touches the ground, which is why it is called farshi (meaning floor-sweeping). He said farshi shalwar does not only suit tall women but women of all heights and body types can wear it. However, a famous designer has claimed that the shalwar suits only taller women. He said, "It looks good with both short and long kurtis. This traditional and regal attire can be made from various fabrics like jamawar, banarsi silk, raw silk, khadi silk, chiffon, organza, georgette, and velvet, which are suitable for different seasons and occasions. If you are slim, you can opt for lighter colours and finer embroidery, while deeper colours and heavier fabrics can be a great choice for curvier women. Farshi shalwar is for everyone; it is just a matter of wearing it confidently." The old tradition is making a comeback in the fashion world, thanks to influencers and celebrities who have popularised the farshi shalwar trend. As a result, many young women are opting to wear the trending shalwar on Eidul Fitr. According to shopkeepers, its demand has skyrocketed, resulting in a huge number of orders for them. This unexpected popularity has posed a new challenge. Currently, the artisans are working day and night, and it is not possible for the shops to take more orders before Eid. A working woman told The Express Tribune that buying ready-made clothes is convenient. A few days before Eid, new designs are available, and you can find clothes that fit your taste. The advantage of lightly embroidered clothes is that they can be worn to workplaces as well. Additionally, the quality of ready-made clothes is consistent, unlike tailored clothes, which may not always meet expectations. In various parts of Karachi, replicas of branded clothes are available at affordable prices, attracting a large crowd of women. Speaking in this regard, a university student Saba said that ready-made clothes save time. If a tailor ruins a suit, there's no other option. For Eid, a ready-made suit can be bought for Rs3,000, whereas buying fabric and getting it stitched would cost over Rs5,000, including embroidery and other accessories. Moreover, replicas of famous designers' clothes can be found in various parts of the city, offering affordable alternatives for fashion-conscious women. However, the quality of replicas may be compromised. Women are opting for embroidered clothes, while young girls are following the latest trends and styles. Young girls are embracing bold and trendy styles to make a fashion statement on Eid.
