Most stock markets in the Gulf ended higher on Tuesday underpinned by positive corporate earnings and amid indications of easing U.S.-China trade tensions.
U.S. President Donald Trump’s administration will move to reduce the impact of his automotive tariffs by alleviating some duties on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.
In a notable development, China has lifted tariffs on some U.S. imports and asked companies to specify critical goods needing exemptions, signalling Beijing’s increasing unease over the trade war’s consequences.
Dubai’s main share index gained 0.5%, with top lender Emirates NBD rising 0.7%.
In Abu Dhabi, the index rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank as the United Arab Emirates’ biggest lender beat first-quarter estimates.
The bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts’ average expectations of 4.24 billion dirhams, according to data compiled by LSEG.
On the other hand, investment firm Multiply Group slid 3.2% after reporting a drop in first-quarter profit.
Most Gulf markets gain ahead of earnings
Saudi Arabia’s benchmark index closed 0.3% lower, hit by a 2.2% fall in Alinma Bank, after the lender reported a sequential fall in first-quarter profit.
Elsewhere, Saudi Kayan Petrochemical Company retreated 2.8%, as the petrochemical firm’s quarterly losses widened.
However, Arabian Contracting Services Company surged about 10% - to become the top gainer on the index - following a steep rise in annual sales.
The Qatari index was up 0.2%.
Outside the Gulf, Egypt’s blue-chip index inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH), as the firm is in advanced negotiations for a new large-scale mixed-use project in Iraq.
The project is expected to produce annual recurring income exceeding $1.5 billion.
------------------------------------------ SAUDI ARABIA fell 0.3% to 11,746 Abu Dhabi up 0.6% to 9,528 Dubai gained 0.5% to 5,241 QATAR added 0.2% to 10,325 EGYPT rose 0.1% to 32,043 BAHRAIN was up 0.6% to 1,903 OMAN added 0.1% to 4,298 KUWAIT increased 0.3% to 8,488 ------------------------------------------
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