Mideast Stocks: Most Gulf Markets Fall on Weak Earnings, US Economic Worries

Most stock markets in the Gulf ended lower on Sunday hit by lacklustre earnings, while a cooling U.S. labor market clouded the Federal Reserve's policy outlook as investors scrutinized recent U.S. tariff decisions.

U.S. President Donald Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries that failed to reach trade deals with Washington by his August 1 deadline.

Saudi Arabia's benchmark index dropped 0.8%, hit by a 1.2% decline by oil behemoth Saudi Aramco ahead of its earnings announcement on Tuesday.

Jabal Omar Development slid 5.4%, after posting a second-quarter loss. The developer - which runs the Jabal Omar complex of hotels and property near Mecca's Grand Mosque - was hit by reduced hotel revenues and a 106 million riyal ($28.26 million) property impairment charge, which lowered gross profit.

Among other losers, Saudi Basic Industries Corp - 70% owned by Saudi Aramco - retreated 1.2%, after reporting a second-quarter loss.

The chemical firm attributed its losses to 3.78 billion riyals in impairment charges and provisions related to a cracker closure in the UK in line with a portfolio review to reduce costs and improve profitability.

Oil prices - a catalyst for the Gulf's financial markets - fell $2 a barrel on Friday due to jitters over a potential production hike by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand.

Eight OPEC+ countries meeting on Sunday have agreed to raise oil output in September by 548,000 barrels per day, Reuters reported citing two OPEC+ sources while the meeting was still under way.

Elsewhere, Saudi Aramco Base Oil Co plunged 10% - its biggest intraday fall since its listing in December 2022 - following an 18% drop in quarterly profit. In Qatar, the index fell 0.8%, with Qatar Islamic Bank losing 1.8%.

Outside the Gulf, Egypt's blue-chip index added 0.2%, helped by a 3.2% rise in tobacco monopoly Eastern Company .

SAUDI ARABIA fell 0.8% to 10,833

QATAR dropped 0.8% to 11,168

EGYPT up 0.2% to 34,272

BAHRAIN lost 0.2% to 1,952

OMAN down 0.2% at 4,770

KUWAIT eased 0.4% to 9,294 ($1 = 3.7511 riyals)