Mideast Stocks: Gulf Stocks Steady As Strong Earnings Offset US Tariff Jitters

Gulf stocks held their ground as investors weighed upbeat corporate earnings against lingering uncertainty over U.S. trade policy, after reports that Washington is pushing for a minimum 15% to 20% tariff in any deal with the European Union.

Despite global jitters, strong results from regional heavyweights and steady oil prices helped offset external headwinds.

Saudi Arabia's benchmark index edged 0.2% higher, on course to snap its longest downturn in nearly two years, with financials driving the gains.

Saudi National Bank - the country's biggest lender by assets - gained 1.5% and Al Rajhi Bank, the largest sharia-compliant bank, jumped over 1% after their strong second-quarter results lifted sentiment across the banking sector.

However, the petrochemical giant SIPCHEM fell 3.7% after posting a rare loss, breaking a five-year streak of profitability.

Dubai's benchmark index eased 0.1%, pressured by broad-based declines as investors locked in gains after a recent multi-year rally.

Meanwhile, Air Arabia surged 5.1% to a fresh record high after securing a bid to operate a new Saudi low-cost national airline, set to launch by 2030.

Abu Dhabi Index posted a decline ahead of key upcoming earnings as investors looked for cues on the market's next direction.

Qatar's stock index added 0.1%, nearing a two-year peak, led by a 1.5% rise in Commercial Bank.

Among other gainers, Qatar International Islamic Bank advanced 1.4% on a year-on-year rise of 5.2% in its six-month profit.