Most major stock markets in the Gulf rose in early trade on Tuesday after a slew of upbeat earnings although caution persisted ahead of potential U.S. tariffs, while investors awaited comments from the Federal Reserve Chair.
Trump on Monday announced plans to impose 25% tariffs on steel and aluminium imports to the U.S, with additional reciprocal tariffs to be made public on Tuesday or Wednesday.
Dubai’s main share index (.DFMGI) gained 0.6%, led by a 2.2% advance in Emaar Properties (EMAR.DU) and a 0.8% rise in lender Dubai Islamic Bank (DISB.DU) ahead of its earnings.
Among other stocks, Emirates Integrated Telecommunications (DU.DU) jumped 2.5% after the telecom firm reported a higher quarterly profit.
In Abu Dhabi, the benchmark index (.FTFADGI) nudged 0.1% higher, with Aldar Properties (ALDAR.AD) advancing 6%, on course third consecutive session of gains.
Aldar reported fourth-quarter profit of 1.9 billion dirhams ($517.30 million), up 37% year-on-year.
On the other hand, Lulu Retail Holding (LULU.AD) plunged 10%, set for its biggest intraday fall since its listing in November, following a steep decline in fourth-quarter profit.
Lulu runs one of the biggest hypermarket chains in the Middle East.
Elsewhere, International Holding Co (IHC.AD) was flat in spite of posting a decline in annual profit.
The Qatari benchmark index (.QSI) gained 0.4%, with Qatar Islamic Bank (QISB.QA) rising 1% and telecom firm Ooredoo (ORDS.QA) increasing 1.1%, after posting a 46% jump in fourth-quarter profit.
Saudi Arabia’s benchmark index (.TASI) fell 0.3%, hit by a 0.8% fall in Al Rajhi Bank (1120.SE) and a 0.9% decrease in ACWA Power Company (2082.SE).
Leejam Sports (1830.SE), which posted a lower quarterly profit, retreated 3.6%.
Meanwhile, Fed Chair Jerome Powell is set to testify before the Senate Banking Committee on Tuesday. Investors will closely assess his comments on U.S. tariffs and inflation.
($1 = 3.6729 UAE dirham)
Source: Reuters.com