Latest news with #GulfMarkets
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Dubai's stock index snaps five-day winning streak as Fitch flags property woes
Most Gulf stock markets settled lower on Thursday, with Dubai's main index snapping five consecutive sessions of gain, after ratings agency Fitch warned that the real estate prices of the emirate are likely to face a double-digit fall in the second half of this year and 2026. The agency said that a rise in deliveries in 2025 and 2026 to a planned 210,000 units is likely to cause a record increase in supply and push prices down by no more than 15%. In Dubai, real estate development company Emaar Properties , known for its notable works like Dubai Marina, Dubai Creek Harbour and the Dubai Mall, was down 1.48%. The index was down 0.61%. Real estate plays a crucial role in the economy of Dubai, a hub for business and tourism for most Gulf regions. Meanwhile, oil prices rose on Thursday after a U.S. court blocked most of U.S. President Donald Trump's tariffs, with markets keeping a close eye on possible new sanctions curbing Russian crude flows and an OPEC+ decision expected later this week on an output hike in July. The ruling bolstered the global market's risk appetite. However, analysts have warned that the reprieve may only last temporarily as The White House quickly appealed the decision and could take it to the Supreme Court. Saudi Arabia's benchmark stock index settled down 0.56%. Real state companies in the kingdom also took a hit, with Makkah Construction and Development losing 5.65% and Jabal Omar was down 4.52%. "The Saudi bourse remained relatively volatile after rebounding from its low. While a rise in oil prices could provide support, the downside risks weigh on sentiment," said Hani Abuagla, Senior Market Analyst at XTB MENA. "The market remained on a downtrend overall, but could find support from successful initial public offerings." In Abu Dhabi, the benchmark index finished flat. Qatar's benchmark stock index settled down 0.72%, with Vodafone Qatar losing 2.91%. Outside the Gulf, Egypt's blue-chip index, finished up 0.62%. Real estate company Emaar Misr was down 2.32% and Telecom Egypt finished 2.33% lower. The Central Bank in Egypt also lowered its overnight interest rates last week by a less-than-expected 100 basis points. SAUDI ARABIA down 0.56% to 10,990.4 ABU DHABI inched up 0.02% to 9,745.3 DUBAI down 0.61% to 5,492.7 QATAR down 0.72% to 10,463.04 EGYPT up 0.62% to 32,696.8 BAHRAIN inched up 0.01% to 1,920.9 OMAN up 0.97% 4,561.04 KUWAIT down 0.10% to 8,799.1 (Reporting by Rishab Shaju in Bengaluru; Editing by Tasim Zahid)
Reuters
4 days ago
- Business
- Reuters
Most Gulf markets rise in early trade tracking firmer oil prices
May 29 (Reuters) - Most Gulf stock markets rose in early trade on Thursday, tracking stronger oil prices, after a U.S. trade court blocked most of President Donald Trump's "Liberation Day" tariffs from going into effect. Oil prices - a catalyst for markets in the Gulf - rose by $1 on Thursday, with Brent crude futures rising 1.6% to $65.93 a barrel, as of 0630 GMT. The Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The ruling boosted risk appetite across global markets, which have been on edge about the impact of levies on economic growth. Analysts, however, say that the relief might be temporary given the Trump administration said it will appeal the ruling. Supply risks continue to persist, with Chevron (CVX.N), opens new tab terminating its oil production and other activities in Venezuela. Its key license was revoked by the Trump administration in March. Markets were also on the watch for a potential new U.S. sanctions curbing Russian crude flows alongside decision from OPEC+ on accelerating oil production hikes in July, expected in a meeting later this week. Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.26% in early trade, with investment company Sinad Holding ( opens new tab advancing 4.62%. The kingdom's largest lender by assets Saudi National Bank ( opens new tab was up 1.01%. Markets in the UAE were subdued, with Abu Dhabi's benchmark index (.FTFADGI), opens new tab inching 0.14% lower and Dubai's main share index (.DFMGI), opens new tab down 0.49%. Maritime and shipping company Gulf Navigation Holding ( opens new tab was the top loser on the index in Dubai, falling 1.68%. Construction materials provider National Cement ( opens new tab was the top gainer, up 5.57%. The index is set to snap five consecutive sessions of gains. Qatar's benchmark stock index (.QSI), opens new tab was up 0.24% in early trade, with consumer goods conglomerate Industries Qatar ( opens new tab gaining 1.40%.
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets rise in early trade tracking firmer oil prices
Most Gulf stock markets rose in early trade on Thursday, tracking stronger oil prices, after a U.S. trade court blocked most of President Donald Trump's "Liberation Day" tariffs from going into effect. Oil prices - a catalyst for markets in the Gulf - rose by $1 on Thursday, with Brent crude futures rising 1.6% to $65.93 a barrel, as of 0630 GMT. The Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The ruling boosted risk appetite across global markets, which have been on edge about the impact of levies on economic growth. Analysts, however, say that the relief might be temporary given the Trump administration said it will appeal the ruling. Supply risks continue to persist, with Chevron terminating its oil production and other activities in Venezuela. Its key license was revoked by the Trump administration in March. Markets were also on the watch for a potential new U.S. sanctions curbing Russian crude flows alongside decision from OPEC+ on accelerating oil production hikes in July, expected in a meeting later this week. Saudi Arabia's benchmark stock index was up 0.26% in early trade, with investment company Sinad Holding advancing 4.62%. The kingdom's largest lender by assets Saudi National Bank was up 1.01%. Markets in the UAE were subdued, with Abu Dhabi's benchmark index inching 0.14% lower and Dubai's main share index down 0.49%. Maritime and shipping company Gulf Navigation Holding was the top loser on the index in Dubai, falling 1.68%. Construction materials provider National Cement was the top gainer, up 5.57%. The index is set to snap five consecutive sessions of gains. Qatar's benchmark stock index was up 0.24% in early trade, with consumer goods conglomerate Industries Qatar gaining 1.40%. (Reporting by Rishab Shaju in Bengaluru; Editing by Eileen Soreng)
Reuters
6 days ago
- Business
- Reuters
Major Gulf markets mixed on Trump's tariff uncertainty
May 27 (Reuters) - Gulf stock markets were mixed on Tuesday, with Saudi Arabia's main Tadawul index (.TASI), opens new tab retreating 0.78% as investor sentiment remained fragile on the unpredictability of U.S. President Donald Trump's trade policies. Trump announced a postponement of his threatened 50% duties on the European Union on Sunday, providing a boost to futures markets. A deadline for July 9 has been set to allow for talks between Washington and the 27-nation bloc to produce a deal. Nasdaq futures rose 1.67% and S&P 500 futures climbed 1.49%. Oil prices - a catalyst for the markets in the Gulf - were little changed, with Brent crude futures up 11 cents, or 0.2%, by 0640 GMT, as markets await clarity on the OPEC+ group's next move at a meeting later this week. O/R In Saudi Arabia, Saudi Arabian Refineries Company ( opens new tab lost 3.44%, while Saudi Industrial Investment Group ( opens new tab was down 3.38%. But markets in the United Arab Emirates traded higher, with Abu Dhabi's benchmark index (.FTFADGI), opens new tab up 0.11% and Dubai's main share index (.DFMGI), opens new tab gaining 0.23%, and hitting its highest level since July 2008. Amlak Finance ( opens new tab was Dubai's biggest gainer, up 6.10%, after the company announced a board meeting later this week to discuss significant corporate actions, including asset sales and a potential exit from its real estate finance portfolio. Qatar's benchmark stock index (.QSI), opens new tab fell 0.29%, logging losses for a second straight session. Qatar National Bank ( opens new tab,the largest bank in the region by assets, was down 0.64%, and Qatar Fuel Company ( opens new tab retreated 0.67%.
Zawya
6 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets mixed on Trump's tariff uncertainty
Gulf stock markets were mixed on Tuesday, with Saudi Arabia's main Tadawul index retreating 0.78% as investor sentiment remained fragile on the unpredictability of U.S. President Donald Trump's trade policies. Trump announced a postponement of his threatened 50% duties on the European Union on Sunday, providing a boost to futures markets. A deadline for July 9 has been set to allow for talks between Washington and the 27-nation bloc to produce a deal. Nasdaq futures rose 1.67% and S&P 500 futures climbed 1.49%. Oil prices - a catalyst for the markets in the Gulf - were little changed, with Brent crude futures up 11 cents, or 0.2%, by 0640 GMT, as markets await clarity on the OPEC+ group's next move at a meeting later this week. In Saudi Arabia, Saudi Arabian Refineries Company lost 3.44%, while Saudi Industrial Investment Group was down 3.38%. But markets in the United Arab Emirates traded higher, with Abu Dhabi's benchmark index up 0.11% and Dubai's main share index gaining 0.23%, and hitting its highest level since July 2008. Amlak Finance was Dubai's biggest gainer, up 6.10%, after the company announced a board meeting later this week to discuss significant corporate actions, including asset sales and a potential exit from its real estate finance portfolio. Qatar's benchmark stock index fell 0.29%, logging losses for a second straight session. Qatar National Bank ,the largest bank in the region by assets, was down 0.64%, and Qatar Fuel Company retreated 0.67%.
