Gulf equities were mixed on Monday, with UAE markets tracking global gains on trade optimism, while Saudi markets edged down amid mixed earnings and several blue-chip stocks trading ex-dividend.
The United States and the European Union on Sunday struck a framework trade agreement that will impose a 15% import tariff on most EU goods, half the previously threatened rate.
Meanwhile, senior U.S. and Chinese officials will meet in Stockholm later on Monday to try to extend their tariff truce before an August 12 deadline.
Saudi Arabia's benchmark index (.TASI), opens new tab retreated 0.7%.
Banque Saudi Fransi (1050.SE), opens new tab and Arab National Bank (1080.SE), opens new tab dropped 5.3% and 3.8%, respectively, after their shares traded ex-dividend.
Petrochemical giant Saudi Kayan (2350.SE), opens new tab reversed early gains to close slightly lower as its second-quarter loss, though halved from a year earlier, was wider than analysts expected.
Arabian Cement (3010.SE), opens new tab slid more than 3% after its second-quarter profit fell short of estimates.
"A potential rebound hinges on continued positive earnings announcements and a recovery in oil prices", said George Pavel, general manager at Naga.com Middle East.
Dubai's benchmark index (.DFMGI), opens new tab rose as much as 1.4%, before paring gains to end up 0.3% at its highest close in 17-1/2 years. That was the fourth straight day of gains, supported by strong second-quarter earnings and global trade optimism, led by a 2.3% gain in Emirates NBD Bank (ENBD.DU), opens new tab.
The Abu Dhabi index (.FTFADGI), opens new tab edged up 0.2%, supported by a nearly 2% jump in heavyweight ADNOC Gas (ADNOCGAS.AD), opens new tab.
Qatar's benchmark index (.QSI), opens new tab eased 0.4%, as traders locked in profits following a recent rally, with most sectors closing in the red, led by a 2.3% decline in Qatar Islamic Bank (QISB.QA), opens new tab.
Investors are now looking ahead to the next wave of corporate results this week, after a strong run in bank earnings helped lift sentiment across the region, Pavel noted.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged down 1.4% following a record peak in the previous session, with Talaat Moustafa Group (TMGH.CA), opens new tab declining over 3.5%.
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