Major Gulf shares fall on corporate earnings; Egypt extends rally

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By Md Manzer Hussain Most major stock markets in the Gulf ended lower on Thursday, as investors weighed mixed earnings reports and the impact of higher U.S. import tariffs on a dozen of trading partners that are expected to weigh on global growth.U.S. President Donald Trump's higher tariffs kicked in on Thursday, and he also said the United States will impose a tariff of about 100% on imports of semiconductors but with some exemptions.Dubai's benchmark stock index DFM:DFMGI slipped 0.4%, weighed down by declines in real estate, consumer staples and financial shares. Emaar Properties DFM:EMAAR fell 1%, while its unit Emaar Development DFM:EMAARDEV dropped 2.3%.Emaar Properties, Dubai's largest property developer, posted on Wednesday a 39.7% year-on-year rise in second-quarter net profit attributable to shareholders, but its profit dipped 9% from the previous three-month period.Saudi Arabia's benchmark stock index TADAWUL:TASI fell 0.2%, with most constituents posting losses. Saudi Research and Media TADAWUL:4210 dropped 3%, after the media firm reported a second-quarter net loss, compared to net profit a year earlier.MOBI Industry TADAWUL:9517 lost 7% after the fertilizer maker reported a 49.5% year-on-year decline in quarterly net profit.The Abu Dhabi benchmark index ADX:FADGI eased 0.1%, pressured by a 0.5% loss in conglomerate International Holding ADX:IHC and a 2.9% drop in Agthia Group ADX:AGTHIA, which reported a net loss for the second quarter. In contrast, Burjeel Holding ADX:BURJEEL surged 4.8%, after posting a more than twofold jump in net profit.The Qatari benchmark index QSE:GNRI gained for a fifth day and rose 0.3% to 11,364, its highest level in more than 2-1/2 years, with most stocks in positive territory. Qatar National Bank QSE:QNBK, the region's largest lender, added 1% and Qatar Aluminum Manufacturing QSE:QAMC rose 1.7%, after reporting a 44% increase in half-year net profit.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 extended its rally to a sixth session, rising 0.9% to a new all-time high at 35,809 with most stocks in the green. E-Finance EGX:EFIH jumped 6.3% and Talaat Moustafa Group EGX:TMGH advanced 1.2%.SAUDI ARABIATADAWUL:TASI down 0.2% to 10,930KUWAIT(.BKP) up 0.5% to 9,261QATARQSE:GNRI rose 0.3% to 11,364EGYPTEGX:EGX30 gained 0.9% to 35,809BAHRAINBAHRAIN:BHBX ended flat at 1,945OMAN(.MSX30) up 0.8% to 4,850ABU DHABIADX:F...

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