Most major stock markets in the Gulf ended lower on Thursday, as investors weighed mixed earnings reports and the impact of higher U.S. import tariffs on a dozen of trading partners that are expected to weigh on global growth.
U.S. President Donald Trump's higher tariffs kicked in on Thursday, and he also said the United States will impose a tariff of about 100% on imports of semiconductors but with some exemptions.
Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.4%, weighed down by declines in real estate, consumer staples and financial shares. Emaar Properties (EMAR.DU), opens new tab fell 1%, while its unit Emaar Development (EMAARDEV.DU), opens new tab dropped 2.3%.
Emaar Properties, Dubai's largest property developer, posted on Wednesday a 39.7% year-on-year rise in second-quarter net profit attributable to shareholders, but its profit dipped 9% from the previous three-month period.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.2%, with most constituents posting losses. Saudi Research and Media (4210.SE), opens new tab dropped 3%, after the media firm reported a second-quarter net loss, compared to net profit a year earlier.
MOBI Industry (9517.SE), opens new tab lost 7% after the fertilizer maker reported a 49.5% year-on-year decline in quarterly net profit.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab eased 0.1%, pressured by a 0.5% loss in conglomerate International Holding (IHC.AD), opens new tab and a 2.9% drop in Agthia Group (AGTHIA.AD), opens new tab, which reported a net loss for the second quarter. In contrast, Burjeel Holding (BURJEEL.AD), opens new tab surged 4.8%, after posting a more than twofold jump in net profit.
The Qatari benchmark index (.QSI), opens new tab gained for a fifth day and rose 0.3% to 11,364, its highest level in more than 2-1/2 years, with most stocks in positive territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, added 1% and Qatar Aluminum Manufacturing (QAMC.QA), opens new tab rose 1.7%, after reporting a 44% increase in half-year net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its rally to a sixth session, rising 0.9% to a new all-time high at 35,809 with most stocks in the green.
E-Finance (EFIH.CA), opens new tab jumped 6.3% and Talaat Moustafa Group (TMGH.CA), opens new tab advanced 1.2%.
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