Saudi Arabia and Abu Dhabi edged lower on Tuesday on lacklustre second-quarter results, while Dubai advanced, bucking major Gulf peers, supported by strong corporate performance and optimism around future positive earnings announcements.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.6%, pressured by a string of disappointing earnings across key sectors.
Arabian Drilling (2381.SE), opens new tab plunged 10% after posting a sharp drop in second-quarter profit, well below analysts' expectations, and announcing a suspension of cash dividends for 2025.
Arabian Pipes (2200.SE), opens new tab fell more than 3.5% after missing quarterly estimates, while Jamjoom Pharmaceuticals (4015.SE), opens new tab dropped nearly 5% as its shares traded ex-dividend.
Dubai's benchmark index (.DFMGI), opens new tab rose 0.2% to hit over a 17-1/2-year high, logging its fifth consecutive session of gains, as hopes remain high ahead of key earnings, mainly from the real estate sector. Gains were driven by a 1% jump in toll operator Salik (SALIK.DU), opens new tab maintaining the same stretch of wins.
Elsewhere, Dubai Taxi Company (DTC.DU), opens new tab climbed nearly 7.5% after its second-quarter results topped market expectations and it announced a higher half-year dividend than last year.
The Abu Dhabi index (.FTFADGI), opens new tab edged down 0.2% as mixed corporate earnings offset optimism from the previous week's strong performance that was expected to sustain momentum.
Abu Dhabi's largest developer, Aldar Properties (ALDAR.AD), opens new tab, slipped over 3% after announcing a marginal second-quarter revenue decline sequentially, despite reporting a record order backlog of 62.3 billion dirhams as of the end of June.
Among other laggards, IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab sank 3.3% after its quarterly profit halved year-on-year.
Qatar's benchmark index (.QSI), opens new tab fell 0.6%, weighed down by broad-based sectoral declines, as investors booked profits following a multi-year rally, with Qatar Islamic Bank (QISB.QA), opens new tab losing nearly 2%.
Investors remained focused on global trade risks following the U.S. and European Union's weekend deal, which reduced the threat of a 30% tariff to a 15% levy on most EU imports.
While the agreement eased immediate fears, sentiment remained cautious as markets weighed the higher duties against the 1% to 2% level before Trump returned to the White House.
Trump's ongoing tariff policies continue to fuel worries over global growth, with potential slowdowns in trade and consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was flat following a recent record peak.
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