Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world’s largest economies.
Top officials from both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China’s export restrictions on rare earths, while offering little sign of a durable resolution.
Saudi Arabia’s benchmark index (.TASI) – which resumed trading after a four-session Eid break – gave up early gains to finish flat.
Meanwhile, the kingdom’s crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but remains strong for a third consecutive month as the OPEC heavyweight regains market share in supplying the world’s top crude importer.
Dubai’s main share index (.DFMGI) eased 0.1%, hovering near a 17-year high, with top lender Emirates NBD (ENBD.DU) falling 2%.
“The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking,” said Joseph Dahrieh, Managing Principal at Tickmill.
In Abu Dhabi, the index (.FTFADGI) inched up 0.1%, supported by a 1.2% gain in ADNOC Gas (ADNOCGAS.AD).
ADNOC Gas announced on Tuesday it had made a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the site.
Qatar’s index (.QSI) added 0.2%, buoyed by a 2.8% gain in Qatar Gas Transport (QGTS.QA).
Outside the Gulf, Egypt’s blue-chip index (.EGX30) rose 0.1%, supported by a 2% rise in Commercial International Bank (COMI.CA).
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