The performance of Gulf stocks varied at the start of trading on Tuesday, between the rise and a decrease, as investors received a caution in a commercial agreement between the United States and the European Union, while the results of the weak profits for the second quarter affected the morale.
The framework agreement reached during the weekend, which was described by the President of the European Commission, Ursula von der Line, as “the best that the bloc can happen”, will witness the imposition of a 15 percent customs tariff on most European commodities.
At the beginning of the Tuesday session, the Saudi Market Index decreased by 0.62 percent, affected by the largest main sectors, especially public facilities, banks and energy, which decreased by 2.71 percent, 0.48 percent and 0.23 percent, respectively.
Aqua Power shares fell by 3.45 percent to 212.10 riyals. The share of “Saudi Aramco” also decreased 0.17 percent to 24.12 riyals, and the share of the “National Saudi Bank” decreased 0.05 percent to 36.50 riyals, while the share of Al -Rajhi Bank fell 0.58 percent to 93.60 riyals.
On the other hand, the share of the “Arab Drilling Company” fell by more than 9 percent after it announced a sharp decrease in the profits of the second quarter, and the results came without analysts’ expectations. The company also announced the suspension of cash dividends for 2025.
On the other hand, the Dubai Market Index increased by 0.3 percent to reach its highest level in 17 and a half years, on its way to achieve the gains for the fifth consecutive session.
The gains led a jump by 2.4 percent in the shares of the Emirates Central Cooling Systems Company, while the shares of Dubai Taxi Company increased by about 6 percent after its results exceeded the second quarter of market expectations and announced semi -annual profit distributions than last year.
However, the Abu Dhabi Market Index remained unchanged, as I met the results of the varying companies optimistic about the strong performance in the previous week, which was expected to continue to support the momentum.
With regard to the Qatar Stock Exchange index, it decreased by 0.2 percent, as traders made profits after a last wave of rise, and most sectors in the Red District circulated, led by a 1.4 percent decrease in the shares of “Qatar Islamic Bank”.
The Bahrain Stock Exchange index increased slightly 0.16 percent, while the public market index for the Kuwait Stock Exchange increased 0.39 percent.
