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Business Recorder
01-08-2025
- Business
- Business Recorder
UAE markets decline over profit booking and tariff tensions
United Arab Emirates markets declined on Friday, mirroring losses in global equities, after the U.S. slapped steep tariffs on dozens of trading partners, while investors await U.S. jobs data that could impact the Federal Reserve rate cut decision. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, while Japan's Nikkei closed 0.7% lower. Late on Thursday, President Donald Trump signed an executive order imposing tariffs of 10% to 41% on U.S. imports from foreign countries, including 25% on goods from India, 20% from Taiwan, 19% from Thailand and 15% from South Korea. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. Dubai's main index dropped 0.8%, retreating for a second straight session, as investors booked profits after the index surpassed a 17-1/2-year high, with top lender Emirates NBD Bank falling 2.4% and toll operator Salik Company decreasing 1.1%. However, maritime and shipping company Gulf Navigation Holding surged 5.8% after it raised the foreign ownership limit to 100% from 49%. Abu Dhabi's benchmark index settled 0.5% lower, snapping a five-session winning streak after reaching its highest level in over two and a half years earlier in the week. Gulf stocks gain on earnings optimism, ahead of US Fed outlook The downturn was led by a 3.4% decline in Abu Dhabi Commercial Bank, the UAE's third-largest lender. Commercial Bank International also slumped 7.8% after reporting a 5% decrease in second-quarter profit to 42.6 million dirhams ($11.60 million). Nevertheless, losses in the index were partially capped by a 5.1% jump in IHC-owned investment firm Multiply Group as investors continued to buy dips after sluggish earnings last week. National Bank of Fujairah also climbed 9.6%, its biggest single-day gain since early February, following a 67% growth in its Q2 profit. Oil prices - a key catalyst for the Gulf's financial market - slipped 0.9% to $71.03 a barrel by 1136 GMT. Dubai and Abu Dhabi indices ended their five-week winning streaks with weekly declines of 0.6% and 0.2% respectively, but still posted strong monthly gains with Dubai clinching 8%, its highest in over four years, and Abu Dhabi climbed 4.2%, its highest in more than two years, according to LSEG data. --------------------------------- ABU DHABI down 0.5% to 10,317 DUBAI fell 0.8% to 6,112 ---------------------------------
Zawya
29-07-2025
- Business
- Zawya
Mideast Stocks: Earnings drag Saudi, Abu Dhabi down, while lifting Dubai amid cautious trade outlook
Saudi Arabia and Abu Dhabi edged lower on Tuesday on lacklustre second-quarter results, while Dubai advanced, bucking major Gulf peers, supported by strong corporate performance and optimism around future positive earnings announcements. Saudi Arabia's benchmark index <.TASI> eased 0.6%, pressured by a string of disappointing earnings across key sectors. Arabian Drilling < plunged 10% after posting a sharp drop in second-quarter profit, well below analysts' expectations, and announcing a suspension of cash dividends for 2025. Arabian Pipes < fell more than 3.5% after missing quarterly estimates, while Jamjoom Pharmaceuticals < dropped nearly 5% as its shares traded ex-dividend. Dubai's benchmark index <.DFMGI> rose 0.2% to hit over a 17-1/2-year high, logging its fifth consecutive session of gains, as hopes remain high ahead of key earnings, mainly from the real estate sector. Gains were driven by a 1% jump in toll operator Salik maintaining the same stretch of wins. Elsewhere, Dubai Taxi Company climbed nearly 7.5% after its second-quarter results topped market expectations and it announced a higher half-year dividend than last year. The Abu Dhabi index <.FTFADGI> edged down 0.2% as mixed corporate earnings offset optimism from the previous week's strong performance that was expected to sustain momentum. Abu Dhabi's largest developer, Aldar Properties , slipped over 3% after announcing a marginal second-quarter revenue decline sequentially, despite reporting a record order backlog of 62.3 billion dirhams as of the end of June. Among other laggards, IHC-owned investment firm Multiply Group sank 3.3% after its quarterly profit halved year-on-year. Qatar's benchmark index <.QSI> fell 0.6%, weighed down by broad-based sectoral declines, as investors booked profits following a multi-year rally, with Qatar Islamic Bank losing nearly 2%. Investors remained focused on global trade risks following the U.S. and European Union's weekend deal, which reduced the threat of a 30% tariff to a 15% levy on most EU imports. While the agreement eased immediate fears, sentiment remained cautious as markets weighed the higher duties against the 1% to 2% level before Trump returned to the White House. Trump's ongoing tariff policies continue to fuel worries over global growth, with potential slowdowns in trade and consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies. Outside the Gulf, Egypt's blue-chip index <.EGX30> was flat following a recent record peak. (Reporting by Amna Mariyam in Bengaluru; Editing by Vijay Kishore)
Business Recorder
29-07-2025
- Business
- Business Recorder
Gulf markets steady amid mixed earnings, muted reaction to EU-US trade deal
Gulf equities were little changed in early trade on Tuesday as investors cautiously greeted a trade agreement between the U.S. and the European Union, while lacklustre second-quarter earnings weighed on sentiment. The weekend's framework trade deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will see the U.S. imposing a 15% import tariff on most EU goods. Initial relief over the deal - President Donald Trump had been threatening a 30% levy - quickly soured when set against the 1% to 2% tariff in place before Trump returned to the White House. Trump's tariff moves continue to raise concerns over global growth, with any slowdown in trade or consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies. Saudi Arabia's benchmark index eased 0.3%, pressured by a string of disappointing earnings across key sectors. Arabian Drilling plunged more than 9% after posting a sharp drop in second-quarter profit, well below analysts' expectations. The company also announced a suspension of cash dividend payments for 2025. Gulf stocks firm as markets brace for pivotal week Arabian Pipes fell 6.6% after missing quarterly estimates, while Jamjoom Pharmaceuticals dropped more than 3.5% as its shares began trading ex-dividend. Dubai's benchmark index rose 0.3% to hit a 17-1/2-year high, poised for a fifth consecutive session of gains. The rally was driven by a 2.4% jump in Emirates Central Cooling Systems, while Dubai Taxi Company climbed nearly 6% after its second-quarter results topped market expectations and it announced a higher half-year dividend than last year. The Abu Dhabi index was flat as mixed corporate earnings offset optimism from the previous week's strong performance that had been expected to sustain momentum. Aldar Properties slipped nearly 3% after announcing a marginal second-quarter revenue decline, despite reporting a record order backlog of 62.3 billion dirhams as of the end of June, while IHC-owned investment firm Multiply Group sank more than 4% as its second-quarter profit halved year-on-year. Qatar's benchmark index edged down 0.2%, as traders locked in profits following a recent rally, with most sectors trading in the red, led by a 1.4% decline in Qatar Islamic Bank.
Business Recorder
11-07-2025
- Business
- Business Recorder
UAE stocks rise as oil gains on IEA's market outlook
Stock markets in the United Arab Emirates rebounded on Friday, led by gains in oil prices, while U.S. tariffs and possible further sanctions on Russia were also in focus. Crude prices rose after the International Energy Agency said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation. Brent crude was up 0.5% at $68.99 a barrel as of 1110 GMT. Dubai's main market rose by 0.4%, hitting a fresh 17-year peak as its upward momentum entered into a third straight week of gains. Real estate stocks also drove gains in the index, with market heavyweight Emaar Properties advancing 1.4%, while business park operator Tecom Group added 1.8%. Among financials, Ajman Bank was one of the top performers, jumping 3.4% after the Ajman government raised its stake in the lender to 31.1%. Gulf stocks steady as investors await clarity on US trade policies Abu Dhabi's benchmark index inched 0.2% higher, supported by a 2.5% increase in IHC-owned investment firm Multiply Group and 2.4% rise in real estate giant Aldar Properties. Separately, Adnoc Gas signed a three-year LNG supply agreement worth AED 1.5 billion ($408.42 million) with Germany's SEFE, although the Abu Dhabi-based company's shares closed unchanged. For the week, Dubai's index recorded a 1.8% gain, while Abu Dhabi's index rose 0.8%, according to data from LSEG. ---------------------------------- ABU DHABI rose 0.2% to 10,065 DUBAI up 0.4% to 5,855 ----------------------------------
Business Recorder
02-05-2025
- Business
- Business Recorder
UAE index gain on possible trade talks between US and China
Stock markets in the United Arab Emirates closed higher on Friday as signs of possible trade talks between the U.S. and China lifted market sentiment. China said on Friday the United States has repeatedly expressed its willingness to negotiate on tariffs and that Beijing's door is open for talks, in a move that could ease trade tensions that have roiled global markets. Dubai's main index settled 0.4% higher, rebounding from the previous session's loss, helped by gains in heavyweight real estate and industrial sector stocks. Among the winners, blue-chip developer Emaar Properties increased 1.5% and toll gate operator Salik Company finished 1.4% up. Stock exchange operator Dubai Financial Market climbed 4.4% after the firm reported a 42% surge in first-quarter net profit to 127 million dirhams ($34.58 million). Most Gulf markets gain ahead of earnings, US data Abu Dhabi's benchmark index extended gains to fifth session in a row with the index rising 0.2%, lifted by a 2.5% jump in each of IHC-owned conglomerate Alpha Dhabi Holding and Adnoc Drilling. Among the gainers, Adnoc Gas rose 0.6% ahead of its Q1 earnings expected later in the day. Dubai index notched up 2.5% on a weekly basis, while Abu Dhabi gained 2%, its highest weekly gain since Nov. 3, 2023, according to LSEG data. Oil prices - a key catalyst for Gulf's financial markets - declined on Friday with Brent crude sliding 0.69% to $61.7 a barrel by 1136 GMT. --------------------------------- Abu Dhabi up 0.2% to 9,579 Dubai rose 0.4% to 5,291 ---------------------------------
