Most stock markets in the Gulf ended higher on Tuesday, helped by positive corporate earnings, while investors watched for further signs that the U.S. Federal Reserve might start to cut interest rates as soon as September.
Dubai's main share index (.DFMGI), opens new tab advanced 0.9%, with top lender Emirates NBD (ENBD.DU), opens new tab rising 0.9%, while Emirates Integrated Telecommunications (DU.DU), opens new tab closed 1.7% higher, following a sharp rise in second-quarter earnings.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, extending losses from the previous session, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab losing 2.7%, and oil giant Saudi Aramco (2222.SE), opens new tab retreating 1.1%.
Oil prices - a catalyst for the Gulf's financial markets - dipped as growing expectations of a ceasefire in the war in Gaza weighed on prices, more than offsetting news of a potential September interest-rate cut in the European Union that supported sentiment.
In Abu Dhabi, the index (.FTFDGI), opens new tab dropped 0.5%, ending a six-session winning streak.
The United Arab Emirates hopes to reactivate trade talks with the European Union by the end of the year, the UAE trade minister said on Monday, and is optimistic the talks would be bilateral.
The Qatari benchmark (.QSI), opens new tab added 0.2%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 0.7% higher, led by a 0.7% increase in top lender Commercial International Bank (COMI.CA), opens new tab.
On Sunday, the lender said second-quarter net profit rose by 96% year-on-year to 15.6 billion Egyptian pounds ($322.91 million).
Egypt reduced its external debt by $14 billion in the five months to end-May, the sharpest such decline in the country's history, a statement released on Monday by Egypt's press centre said.
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