Major Gulf Shares rise as steady PMIs signal growth

Major Gulf stock markets rebounded on Thursday, supported by steady non-oil private sector growth and investor optimism around global trade deals following a U.S.-Vietnam agreement ahead of the July 9 tariff deadline.

President Donald Trump signed a deal with Vietnam on Wednesday, imposing a 20% tariff on exports to the U.S., lower than the threatened 46% and giving markets reason to hope the impact of the tariffs may be less severe than had been expected for many countries.

Saudi Arabia’s benchmark index rose 1%, hitting a more than one-month high, with almost all of its constituents posting gains.

Saudi National Bank, the kingdom’s largest lender by assets, climbed 4.1% and oil major Saudi Aramco added 0.9%.

BlackRock Inc. was in talks with Aramco to divest its stake in the leasing rights of a natural gas pipeline network, potentially worth billions of dollars, Bloomberg reported. Reuters could not immediately verify the report.

Among other gainers, the retailer Fawaz Abdulaziz Al Hokair & Company, the index’s best performer, soared 9.9% and Saudi Telecom added 1.2%.

The positive momentum was supported by a healthy domestic outlook, as Saudi Arabia’s non-oil private sector expanded at its fastest pace in three months in June, a survey showed on Thursday.

Gulf bourses end mixed on US tariff uncertainty

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index rose to a three-month high of 57.2 from May’s 55.8, putting it further above the 50-point line denoting growth.

Dubai’s benchmark index gained 1.4% to 5,748, marking a 17-year high with most sectors in the green. Emaar Properties jumped 3.7% and tolls operator Salik advanced 3.4%.

The Abu Dhabi benchmark index rose 0.6%, lifted by gains in most sectors. Presight AI surged 6%, hitting its highest level in nearly two years, and Space42 climbed 4.3%.

The UAE’s non-oil private sector grew steadily in June even as regional tensions weighed on demand, and companies ramped up output to tackle backlogs, a survey showed on Thursday.

Qatar’s benchmark index added 0.6%, boosted by a 0.5% increase in the Qatar National Bank.

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 SAUDI ARABIA     rose 1% to 11,244

 ABU DHABI        up 0.6% to 9,981

 DUBAI            advanced 1.4% to 5,748

 QATAR            gained 0.6% to 10,759

 EGYPT            Closed

 BAHRAIN          eased 0.2% to 1,947

 OMAN             advanced 0.6% to 4,550

 KUWAIT           up 0.3% to 9,113

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