Major stock markets across the Gulf climbed in early trading Tuesday, buoyed by robust corporate earnings and encouraging signs of easing global trade tensions—particularly between the U.S. and China.
Investor sentiment received a lift after U.S. officials signaled moves to reduce the impact of tariffs on foreign-made parts used in domestic car production, a measure aimed at preventing compounded duties on imported vehicles. Meanwhile, China appeared to be softening its stance, exempting some U.S. imports from its steep 125% tariffs and requesting companies to list critical goods that should be spared from levies. The move is seen as Beijing’s most overt sign yet of concern over the ongoing trade war’s economic impact.
Saudi Market Steady with Select Gains
Saudi Arabia’s benchmark index edged up 0.1%, supported by a 3.1% gain in Saudi Arabian Mining Company. Arabian Contracting Services Company surged 7% following a sharp increase in annual sales, although the advertising firm reported a drop in profit. Conversely, Alinma Bank slipped 1.2% after a sequential decline in first-quarter profit.
UAE Markets Boosted by Bank Results
Dubai’s main index rose 0.3%, lifted by a 1.2% gain in top lender Emirates NBD. In Abu Dhabi, the index saw a more substantial increase of 0.9%, driven by a 3.8% jump in First Abu Dhabi Bank (FAB). The UAE’s largest bank reported a record net profit of AED 5.13 billion ($1.40 billion) for the first quarter, well above analyst expectations of AED 4.24 billion, according to LSEG data.
Real estate giant Aldar Properties added 2% on strong quarterly earnings, while Abu Dhabi Commercial Bank rallied 4.6% ahead of its upcoming results.
Qatar Market Mixed Ahead of Earnings
Qatar’s index inched up 0.2%, helped by a 1.4% rise in Qatar Islamic Bank. However, Qatar Gas Transport Co. fell 1.3% as investors awaited its first-quarter earnings report.
Overall, the combination of positive earnings reports and improving global trade outlooks has provided a much-needed boost to Gulf equities, reinforcing investor confidence across the region’s financial markets.
