DUBAI: Gulf equities were mixed on Monday, with UAE markets tracking global gains on trade optimism, while Saudi markets edged down amid mixed earnings and several blue-chip stocks trading ex-dividend.
The United States and the European Union on Sunday struck a framework trade agreement that will impose a 15% import tariff on most EU goods, half the previously threatened rate.
Meanwhile, senior US and Chinese officials will meet in Stockholm later on Monday to try to extend their tariff truce before an August 12 deadline.
Saudi Arabia’s benchmark index retreated 0.7%.
Banque Saudi Fransi and Arab National Bank dropped 5.3% and 3.8%, respectively, after their shares traded ex-dividend.
Petrochemical giant Saudi Kayan reversed early gains to close slightly lower as its second-quarter loss, though halved from a year earlier, was wider than analysts expected.
Arabian Cement slid more than 3% after its second-quarter profit fell short of estimates.
“A potential rebound hinges on continued positive earnings announcements and a recovery in oil prices”, said George Pavel, general manager at Naga.com Middle East.
Dubai’s benchmark index rose as much as 1.4%, before paring gains to end up 0.3% at its highest close in 17-1/2 years. That was the fourth straight day of gains, supported by strong second-quarter earnings and global trade optimism, led by a 2.3% gain in Emirates NBD Bank.
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