Major Gulf Shares rise as steady PMIs signal growth

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By Amna Mariyam 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 .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 TADAWUL:TASI rose 1%, hitting a more than one-month high, with almost all of its constituents posting gains.Saudi National Bank TADAWUL:1180, the kingdom's largest lender by assets, climbed 4.1% and oil major Saudi Aramco TADAWUL:2222 added 0.9%. BlackRock Inc. NYSE:BLK 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 TADAWUL:4240, the index's best performer, soared 9.9% and Saudi Telecom TADAWUL:7010 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.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 DFM:DFMGI gained 1.4% to 5,748, marking a 17-year high with most sectors in the green. Emaar Properties DFM:EMAAR jumped 3.7% and tolls operator Salik DFM:SALIK advanced 3.4%.The Abu Dhabi benchmark index ADX:FADGI rose 0.6%, lifted by gains in most sectors. Presight AI ADX:PRESIGHT surged 6%, hitting its highest level in nearly two years, and Space42 ADX: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 QSE:GNRI added 0.6%, boosted by a 0.5% increase in the Qatar National Bank QSE:QNBK.SAUDI ARABIATADAWUL:TASI rose 1% to 11,244ABU DHABIADX:FADGI up 0.6% to 9,981DUBAIDFM:DFMGI advanced 1.4% to 5,748QATARQSE:GNRI gained 0.6% to 10,759EGYPTEGX:EGX30 ClosedBAHR...

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