Gulf stocks were mixed in choppy trading on Thursday as investors weighed a raft of corporate earnings while focusing on U.S. trade negotiations ahead of a looming tariff deadline.
While recent developments, including Washington's deal with Tokyo to lower tariffs on Japanese imports and signs of potential agreement with the European Union, appeared constructive, market participants remained cautious, awaiting clarity on the direction of global trade policy.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, marking its second consecutive weekly loss, pressured by persistently weaker oil prices, despite a recent rebound, with index heavyweight Al Rajhi Bank (1120.SE), opens new tab losing 0.7%, and the oil behemoth Saudi Aramco (2222.SE), opens new tab falling 0.2%.
The Saudi market may continue to face pressure due to relatively low oil prices, despite the rebound. However, though a broadly positive earnings season could help the market regain ground, said Samer Hasn, senior market analyst at XS.com.
Dubai's main share index (.DFMGI), opens new tab rose 0.4% to a fresh 17-1/2-year high, as real estate gains offset early losses sparked by an over 2% drop in Emirates NBD (ENBD.DU), opens new tab following a 9% decline in first-half profit, dragging financial stocks lower and making the sector the worst performer on the day.
The Abu Dhabi index (.FTFADGI), opens new tab held steady amid mixed trading in heavyweight stocks ahead of key upcoming earnings, consolidating gains following Wednesday's strong recovery.
Samer added that both the UAE markets are poised for potential gains, supported by a largely positive earnings season so far.
Qatar stock index (.QSI), opens new tab advanced 0.3%, extended its winning streak to six sessions, rising 0.3% to a fresh two-and-a-half-year peak, driven by solid earnings reports mainly from the banking sector this week.
Market participants are awaiting next week's earnings from other sectors, which could bolster the market's upward momentum, Samer noted.
Egypt's stock market was closed on account of Republic Day.
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