Earnings drag Saudi, Abu Dhabi down, while lifting Dubai amid cautious trade outlook

About this update from Arabian Drilling Co.

By Amna MariyamSaudi Arabia and Abu Dhabi edged lower on Tuesday on lacklustre second-quarter results, while Dubai advanced, bucking major Gulf peers, supported by strong corporate performance and optimism around future positive earnings announcements.Saudi Arabia's benchmark index TADAWUL:TASI eased 0.6%, pressured by a string of disappointing earnings across key sectors.Arabian Drilling TADAWUL:2381 plunged 10% after posting a sharp drop in second-quarter profit, well below analysts' expectations, and announcing a suspension of cash dividends for 2025.Arabian Pipes TADAWUL:2200 fell more than 3.5% after missing quarterly estimates, while Jamjoom Pharmaceuticals TADAWUL:4015 dropped nearly 5% as its shares traded ex-dividend.Dubai's benchmark index DFM:DFMGI rose 0.2% to hit over a 17-1/2-year high, logging its fifth consecutive session of gains, as hopes remain high ahead of key earnings, mainly from the real estate sector. Gains were driven by a 1% jump in toll operator Salik DFM:SALIK maintaining the same stretch of wins. Elsewhere, Dubai Taxi Company DFM:DTC climbed nearly 7.5% after its second-quarter results topped market expectations and it announced a higher half-year dividend than last year.The Abu Dhabi index ADX:FADGI edged down 0.2% as mixed corporate earnings offset optimism from the previous week's strong performance that was expected to sustain momentum.Abu Dhabi's largest developer, Aldar Properties ADX:ALDAR, slipped over 3% after announcing a marginal second-quarter revenue decline sequentially, despite reporting a record order backlog of 62.3 billion dirhams as of the end of June. Among other laggards, IHC-owned investment firm Multiply Group ADX:MULTIPLY sank 3.3% after its quarterly profit halved year-on-year.Qatar's benchmark index QSE:GNRI fell 0.6%, weighed down by broad-based sectoral declines, as investors booked profits following a multi-year rally, with Qatar Islamic Bank QSE:QIBK losing nearly 2%.Investors remained focused on global trade risks following the U.S. and European Union's weekend deal, which reduced the threat of a 30% tariff to a 15% levy on most EU imports.While the agreement eased immediate fears, sentiment remained cautious as markets weighed the higher duties against the 1% to 2% level before Trump returned to the White House.Trump's ongoing tariff policies continue to fuel worries over global growth, with po...

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