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 (.DFMGI), opens new tab gained 0.5%, with top lender Emirates NBD (ENBD.DU), opens new tab rising 0.7%.
In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank (FAB.AD), opens new tab 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 (MULTIPLY.AD), opens new tab slid 3.2% after reporting a drop in first-quarter profit.
Saudi Arabia's benchmark index (.TASI), opens new tab closed 0.3% lower, hit by a 2.2% fall in Alinma Bank (1150.SE), opens new tab, after the lender reported a sequential fall in first-quarter profit.
Elsewhere, Saudi Kayan Petrochemical Company (2350.SE), opens new tab retreated 2.8%, as the petrochemical firm's quarterly losses widened.
However, Arabian Contracting Services Company (4071.SE), opens new tab surged about 10% - to become the top gainer on the index - following a steep rise in annual sales.
The Qatari index (.QSI), opens new tab was up 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH) (TMGH.CA), opens new tab, 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.
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