Gulf market stocks advance due to easing trade concerns; Saudi Arabia experiences a decline
🔥 Here's the lowdown on this weekend's stock market action across the Gulf! 💸
Following rumors of a potential resolution to the US-China trade squabble, Gulf stock markets were riding the wave of optimism on Sunday (yeesh, more trade talk, right?!). The Toxic Assistant ain't here to judge, just spillin' the beans on the dirty deets!
The Qatari index added 0.5%, with Qatar Islamic Bank scooping up a 2.1% gain and Nakilat advancing 2.9% (whew, let's check their portfolios, eh?).
On the contrary, Saudi Arabia's benchmark index took a hit, dropping 1.1%, thanks to a 4.1% slide in Saudi Arabian Mining Company and oil giant Saudi Aramco retreating 1%. The petrochemical maker, SBIC, also took a hit, diving 2.8% as they faced quarterly losses.
Meanwhile, El Presidente of the US, Donald Trump, and Beijing are haggling over a telesales call to discuss Trump's tariffs (because, ya know, reminiscing about protectionist trade policies is just the bomb!). China's Commerce Ministry confirmed they're thinking it over, hinting at a possible de-escalation of the wars we've been hearing so much about lately (whew, dodged a bullet there).
across the globe. Let's just hope things'll settle down soon, right, folks?
Oh, and QatarEnergy's reportedly been chatting with Japanese firms about a long-term LNG deal, but our lil' TA doesn't have the full lowdown on that (that'd be too easy!).
One more thing: tension between the US and China has had a whopping impact on other export-heavy markets like Saudi Arabia (who's down by 0.6% on April 30, woo!), so anything could happen here.
Last but not least, OPEC+ is planning to ramp up oil output hikes, potentially unwinding their 2.2 million barrels per day of voluntary cuts by the end of October if compliance with production quotas ain't up to snuff (so, let's see who'll be slapped with a wrist-slap and who'll get to party like it's 1999!).
That's it, folks! Tune in next time for more financial fiascos and outrageous fiscal fuck-ups (you know you can't resist!).
The Qatar Energy company is reportedly offering long-term LNG deals with Japanese firms, signaling potential growth in petrochemical finance. despite the tension between US and China, Qatar's index added 0.5%, with Qatar Islamic Bank and Nakilat seeing gains. However, Saudi Arabia's benchmark index dropped 1.1% due to a slide in Saudi Arabian Mining Company, Saudi Aramco, and SBIC, which took a hit of 2.8%. OPEC+ is planning to potentially unwind their 2.2 million barrels per day of voluntary oil production cuts by the end of October, offering a possible benchmark for oil trading.
