Gulf markets closed mixed as investors focused on earnings and Trump’s renewed tariff threats
The post Gulf markets closed mixed as investors focused on earnings and Trump’s renewed tariff threats appeared on BitcoinEthereumNews.com. The Gulf markets went separate ways on Sunday as traders tried to make sense of two incoming punches: Q2 earnings reports and a new wave of trade threats coming straight from the White House. Donald Trump wants to slap at least 15% to 20% tariffs on anything coming out of the European Union, and if that’s not enough, his team is also reportedly considering reciprocal tariffs above 10%, even if they end up signing a deal. In Saudi Arabia, stocks opened strong but didn’t hold up. The Tadawul index dropped 0.4%, pushing its losing streak to nine consecutive sessions, the longest in nearly two years. The dip wasn’t led by one name. It was broad; banks, mining, retail, all in the red. Saudi National Bank, the kingdom’s largest lender, dipped 0.8%. Saudi Arabian Mining Company lost 1.3% after announcing the voluntary retirement of its chief financial officer. But the worst hit was Fawaz AbdulAziz Al Hokair & Co., a retail and real estate firm that crashed 10%. The company had just closed a deal to sell 49.95% of itself to Al Futtaim Retail, an Emirati group, for 2.5 billion riyals, about $666 million. Investors didn’t like that, and the stock got dumped fast. Qatar inches up as Egypt breaks records with IMF boost Qatar went the other way. Its main stock index rose 0.2%, powered by a 1.2% gain in Industries Qatar, a petrochemical giant. That modest climb brought the market closer to a two-year high, and the mood stayed steady thanks to strength in the chemical sector. Unlike Saudi Arabia, Qatar didn’t have any major corporate shake-ups or bad news dragging it down. Things were even more upbeat in Egypt, where the EGX30 index climbed 0.7% and hit a record high. That came as most sectors rallied on growing…
The post Gulf markets closed mixed as investors focused on earnings and Trump’s renewed tariff threats appeared on BitcoinEthereumNews.com.
The Gulf markets went separate ways on Sunday as traders tried to make sense of two incoming punches: Q2 earnings reports and a new wave of trade threats coming straight from the White House. Donald Trump wants to slap at least 15% to 20% tariffs on anything coming out of the European Union, and if that’s not enough, his team is also reportedly considering reciprocal tariffs above 10%, even if they end up signing a deal. In Saudi Arabia, stocks opened strong but didn’t hold up. The Tadawul index dropped 0.4%, pushing its losing streak to nine consecutive sessions, the longest in nearly two years. The dip wasn’t led by one name. It was broad; banks, mining, retail, all in the red. Saudi National Bank, the kingdom’s largest lender, dipped 0.8%. Saudi Arabian Mining Company lost 1.3% after announcing the voluntary retirement of its chief financial officer. But the worst hit was Fawaz AbdulAziz Al Hokair & Co., a retail and real estate firm that crashed 10%. The company had just closed a deal to sell 49.95% of itself to Al Futtaim Retail, an Emirati group, for 2.5 billion riyals, about $666 million. Investors didn’t like that, and the stock got dumped fast. Qatar inches up as Egypt breaks records with IMF boost Qatar went the other way. Its main stock index rose 0.2%, powered by a 1.2% gain in Industries Qatar, a petrochemical giant. That modest climb brought the market closer to a two-year high, and the mood stayed steady thanks to strength in the chemical sector. Unlike Saudi Arabia, Qatar didn’t have any major corporate shake-ups or bad news dragging it down. Things were even more upbeat in Egypt, where the EGX30 index climbed 0.7% and hit a record high. That came as most sectors rallied on growing…
What's Your Reaction?
