Major Gulf stock markets rebounded on Thursday, supported by steady non-oil private sector growth and investor optimism around global trade deals following a U.S.-Vietnam agreement ahead of the July 9 tariff deadline.
President Donald Trump signed a deal with Vietnam on Wednesday, imposing a 20% tariff on exports to the U.S., lower than the threatened 46% and giving markets reason to hope the impact of the tariffs may be less severe than had been expected for many countries.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 1%, hitting a more than one-month high, with almost all of its constituents posting gains.
Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender by assets, climbed 4.1% and oil major Saudi Aramco (2222.SE), opens new tab added 0.9%.
BlackRock Inc. (BLK.N), opens new tab was in talks with Aramco to divest its stake in the leasing rights of a natural gas pipeline network, potentially worth billions of dollars, Bloomberg reported. Reuters could not immediately verify the report.
Among other gainers, the retailer Fawaz Abdulaziz Al Hokair & Company (4240.SE), opens new tab, the index's best performer, soared 9.9% and Saudi Telecom (7010.SE), opens new tab added 1.2%.
The positive momentum was supported by a healthy domestic outlook, as Saudi Arabia’s non-oil private sector expanded at its fastest pace in three months in June, a survey showed on Thursday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to a three-month high of 57.2 from May's 55.8, putting it further above the 50-point line denoting growth.
Dubai's benchmark index (.DFMGI), opens new tab gained 1.4% to 5,748, marking a 17-year high with most sectors in the green. Emaar Properties (EMAR.DU), opens new tab jumped 3.7% and tolls operator Salik (SALIK.DU), opens new tab advanced 3.4%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.6%, lifted by gains in most sectors. Presight AI (PRESIGHT.AD), opens new tab surged 6%, hitting its highest level in nearly two years, and Space42 (SPACE42.AD), opens new tab climbed 4.3%.
The UAE's non-oil private sector grew steadily in June even as regional tensions weighed on demand, and companies ramped up output to tackle backlogs, a survey showed on Thursday.
Qatar's benchmark index (.QSI), opens new tab added 0.6%, boosted by a 0.5% increase in the Qatar National Bank (QNBK.QA), opens new tab.
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