Most stock markets in the Gulf ended higher on Thursday, driven by higher oil prices, corporate earnings announcements and renewed optimism about a potential U.S.-China trade agreement.
U.S. Treasury Secretary Scott Bessent said on Wednesday that the high tariffs between the U.S. and China are unsustainable, and must be reduced before trade negotiations can proceed. But he said President Donald Trump would not unilaterally cut tariffs on Chinese imports.
Meanwhile, Trump is planning to spare carmakers from some tariffs following intense lobbying by industry executives over recent weeks, a Financial Times report said.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, led by a 5.7% jump in Saudi Arabian Mining Company (1211.SE), opens new tab; Al Rajhi Bank (1120.SE), opens new tab was up 0.8%.
First-quarter earnings are expected to remain a key focus for investors in the coming weeks, while the recovery in oil prices also supported market sentiment, said Joseph Dahrieh, Managing Principal at Tickmill.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 1.1%, buoyed by a 6.7% surge in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab a day after reporting a sharp rise in first-quarter profit.
Oil prices - a catalyst for the Gulf's financial markets - recovered some losses as investors weighed a potential OPEC+ output increase against conflicting tariff signals from the White House and U.S.-Iran nuclear talks.
The Qatari index (.QSI), opens new tab added 0.3%, with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.4%.
Dubai's main share index (.DFMGI), opens new tab, however, fell 0.2%, ending a five-session winning streak, hit by a 0.8% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
** Egypt bourse was closed for a public holiday
No comments:
Post a Comment