Gulf Stock Markets Stay Steady as Strong Earnings Balance U.S. Tariff Concerns

Gulf stock markets remained largely stable on Sunday, as positive corporate earnings and resilient oil prices helped balance investor concerns over possible new U.S. trade tariffs targeting the European Union.

Saudi Market Rebounds with Banking Sector Strength

Saudi Arabia’s Tadawul All Share Index (TASI) climbed 0.2%, marking a potential end to its longest losing streak in nearly two years. Gains were fueled by the banking sector:

• Saudi National Bank rose 1.5% after posting solid second-quarter profits.

• Al Rajhi Bank, the largest Islamic bank in the kingdom, gained over 1%, boosting investor confidence.

However, Sipchem, a major petrochemical company, saw its shares drop 3.7% after reporting an unexpected quarterly loss, breaking its five-year profit run.

Dubai and Abu Dhabi Show Mixed Movement

In the UAE, Dubai’s stock index dipped 0.1%, with broad declines as investors took profits after a prolonged rally. Meanwhile, Air Arabia shares soared 5.1%, hitting a new record high following its win to launch a new Saudi low-cost airline by 2030.

Abu Dhabi’s index fell slightly, with investors cautious ahead of upcoming earnings reports that could set the tone for the next market direction.

Qatar Gains Ground, Driven by Banking Sector

Qatar’s benchmark index rose 0.1%, nearing a two-year high. Strong performance in the financial sector led the gains:

• Commercial Bank jumped 1.5%,

• Qatar International Islamic Bank increased 1.4%, supported by a 5.2% rise in its half-year net profits.