Mideast Stocks: UAE gains on trade optimism, earnings hopes; Saudi slips in volatile trade

NAGA AG

28/07/2025 14:22

By Amna Mariyam

July 28 (Reuters) - 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 retreated 0.7%.

Banque Saudi Fransi 1050.SE and Arab National Bank 1080.SE dropped 5.3% and 3.8%, respectively, after their shares traded ex-dividend.

Petrochemical giant Saudi Kayan 2350.SE 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 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 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.

The Abu Dhabi index .FTFADGI edged up 0.2%, supported by a nearly 2% jump in heavyweight ADNOC Gas ADNOCGAS.AD.

Qatar's benchmark index .QSI 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.

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 edged down 1.4% following a record peak in the previous session, with Talaat Moustafa Group TMGH.CA declining over 3.5%.

SAUDI ARABIA
.TASI dipped 0.7% to 10,885
ABU DHABI
.FTFADGI added 0.2% to 10,362
DUBAI
.DFMGI rose 0.3% to 6,168
QATAR
.QSI retreated 0.4% to 11,205
EGYPT
.EGX30 fell 1.4% to 34,076
BAHRAIN
.BAX gained 0.1% to 1,951
OMAN
.MSX30 advanced 0.1% to 4,743
KUWAIT
.BKP slid 0.7% to 9,174

 (Reporting by Amna Mariyam in Bengaluru
Editing by Mark Potter)