DUBAI: Most stock markets in the Gulf ended lower on Sunday hit by lacklustre earnings, while a cooling US labor market clouded the Federal Reserve’s policy outlook as investors scrutinized recent US tariff decisions.
US President Donald Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on US imports from dozens of countries that failed to reach trade deals with Washington by his August 1 deadline.
Saudi Arabia’s benchmark index dropped 0.8%, hit by a 1.2% decline by oil behemoth Saudi Aramco ahead of its earnings announcement on Tuesday.
Jabal Omar Development slid 5.4%, after posting a second-quarter loss. The developer - which runs the Jabal Omar complex of hotels and property near Mecca’s Grand Mosque - was hit by reduced hotel revenues and a 106 million riyal ($28.26 million) property impairment charge, which lowered gross profit.
Among other losers, Saudi Basic Industries Corp - 70% owned by Saudi Aramco - retreated 1.2%, after reporting a second-quarter loss. The chemical firm attributed its losses to 3.78 billion riyals in impairment charges and provisions related to a cracker closure in the UK in line with a portfolio review to reduce costs and improve profitability.
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