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MIDEAST STOCKS-Most Gulf markets ease on weak earnings, US curbs on China

ReutersFeb 25, 2025 8:54 AM

- Most stock markets in the Gulf fell in early trade on Tuesday due to lacklustre earnings and concerns about U.S. investment curbs on China.

U.S. President Donald Trump ordered to restrict Chinese investments in strategic areas such as chips, artificial intelligence and aerospace.

Also weighing on sentiment was Trump's indication that proposed tariffs on Mexico and Canada were still set to start next week, although investors had hoped negotiations would forestall the threat.

Saudi Arabia's benchmark stock index .TASI dropped 0.5%, with ACWA Power Company 2082.SE retreating 3.2%.

ACWA Power reported annual profit ahead of analysts' estimates but missed on revenue.

Among other losers, Saudi Ceramic Company 2040.SE tumbled 8.6% after reporting an annual loss.

Yanbu National Petrochemical Company 2290.SE slid 2.4% after its 2024 profit missed analysts' estimates.

Dubai's main share index .DFMGI fell 0.2%, pressured by a 0.9% fall in toll operator Salik Company SALIK.DU, while Emirates NBD (ENBD) ENBD.DU eased 0.2%.

ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank EIB.DU at 11.95 dirhams ($3.25) per share.

In Abu Dhabi, the stock index .FTFADGI was flat.

The Qatari index .QSI declined 1%, with most constituents trading in negative territory.

Qatar National Bank QNBK.QA, the Gulf's biggest lender, was down 0.9%.

($1 = 3.7498 riyals)

($1 = 3.6725 UAE dirham)

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