Mideast Stocks: Gulf stocks steady as strong earnings offset US tariff jitters

The Commercial Bank (P.S.Q.C.)

21/07/2025 09:41

July 21 (Reuters) - Gulf stocks held their ground as investors weighed upbeat corporate earnings against lingering uncertainty over U.S. trade policy, after reports that Washington is pushing for a minimum 15% to 20% tariff in any deal with the European Union.

Despite global jitters, strong results from regional heavyweights and steady oil prices helped offset external headwinds.

Saudi Arabia's benchmark index .TASI edged 0.2% higher, on course to snap its longest downturn in nearly two years, with financials driving the gains.

Saudi National Bank 1180.SE - the country's biggest lender by assets - gained 1.5% and Al Rajhi Bank 1120.SE, the largest sharia-compliant bank, jumped over 1% after their strong second-quarter results lifted sentiment across the banking sector.

However, the petrochemical giant SIPCHEM 2310.SE fell 3.7% after posting a rare loss, breaking a five-year streak of profitability.

Dubai's benchmark index .DFMGI eased 0.1%, pressured by broad-based declines as investors locked in gains after a recent multi-year rally.

Meanwhile, Air Arabia AIRA.DU surged 5.1% to a fresh record high after securing a bid to operate a new Saudi low-cost national airline, set to launch by 2030.

Abu Dhabi Index .FTFADGI posted a decline ahead of key upcoming earnings as investors looked for cues on the market's next direction.

Qatar's stock index .QSI added 0.1%, nearing a two-year peak, led by a 1.5% rise in Commercial Bank COMB.QA.

Among other gainers, Qatar International Islamic Bank QIIB.QA advanced 1.4% on a year-on-year rise of 5.2% in its six-month profit.

 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)