Major stock markets in the Gulf were mixed in early trade on Thursday as earnings results and investor sentiment were influenced by the upcoming U.S.-China trade talks. President Trump said on Wednesday that China initiated the trade talks, adding that he was unwilling to reduce U.S. tariffs to bring Beijing to the table. He described the upcoming talks as a start, not “advanced” discussions.
Saudi Arabia’s benchmark index TASI fell 0.3%, led by a 1.6% drop in Saudi Arabian Mining Company (1211.SE). ACWA Power (2082.SE) declined 1.1%, as it posted a first-quarter net profit of 427.2 million riyals, up from the previous year but down approximately 15% from the previous quarter. Middle East Healthcare Company (4009.SE) dropped 7.5%, despite reporting a sharp rise in quarterly profits.
Dubai’s main share index DFMGI lost 0.3%, with Emaar Properties (EMAR.DU) down 0.7%. Meanwhile, the U.S. Federal Reserve kept interest rates steady but warned of rising risks in inflation and unemployment due to Trump’s tariffs. This has an impact on Gulf monetary policy, where currencies are pegged to the U.S. dollar. The UAE Central Bank held its base rate at 4.40%.
The Abu Dhabi index FTFADGI added 0.3%, helped by a 2.5% rise in ADNOC Drilling Company (ADNOCDRILL.AD), following a 25% increase in its first-quarter profit. The Qatari index QSI gained 0.7%, led by a 1.5% rise in Qatar Islamic Bank (QISB.QA).
Separately, Trump said he would soon announce whether the U.S. would ease microchip export restrictions to some Gulf countries.
