ABU DHABI: Stock markets in the Gulf were mixed on Tuesday as corporate earnings fell short of market expectations, amid concerns about US investment curbs on China.
US President Donald Trump has ordered restrictions on Chinese investments in strategic areas such as chips, artificial intelligence and aerospace.
Also weighing on sentiment was Trump’s indication that proposed tariffs on Mexico and Canada were still set to start next week, although investors had hoped negotiations would forestall the threat.
Saudi Arabia’s benchmark stock index dropped 0.2%, with ACWA Power Company retreating 3.2%.
ACWA Power reported annual profit ahead of analysts’ estimates but missed on revenue.
Among other losers, Saudi Ceramic Company plunged 10%, its biggest intraday fall since October 2020, after reporting an annual loss.
Yanbu National Petrochemical Company declined 1.7% after its 2024 profit missed analysts’ estimates.
Dubai’s main share index nudged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties , while Emirates NBD (ENBD) climbed 1.7%.
ENBD, Dubai’s top lender, made a mandatory cash offer to buy Emirates Islamic Bank at 11.95 dirhams ($3.25) per share.
In Abu Dhabi, the index added 0.2%, with ADNOC Gas closing 1.8% higher.
The Qatari benchmark dropped 0.7%, as most of its constituents were in negative territory including Qatar Navigation, which retreated 3.9%.
The Qatari stock market slipped as profit-taking emerged following a period of horizontal trading amid uncertainty near resistance levels, said Hani Abuagla, senior market analyst at XTB MENA.
Outside the Gulf, Egypt’s blue-chip index lost 0.9%, weighed down by a 2.6% fall in Commercial International Bank. The Kuwait bourse was closed for a public holiday.
Comments
Comments are closed for this article.