Mideast Stocks: Most Gulf markets rise on buoyant earnings; Saudi eases

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Traders monitor screens displaying stock information at Qatar Stock Exchange in Doha, Qatar June 5, 2017.

Most stock markets in the Gulf ended higher on Tuesday after a slew of upbeat corporate earnings although there was caution ahead of potential U.S. tariffs, while investors awaited comments from the Federal Reserve Chair. U.S. President Donald Trump on Monday announced plans to impose 25% tariffs on steel and aluminium imports to the U.S., with additional reciprocal tariffs to be made public within days.

Dubai's main share index advanced 1.4%, buoyed by a 2.9% jump in Emaar Properties and a 2.1% rise in sharia-compliant lender Dubai Islamic Bank ahead of its earnings. Elsewhere, Emirates Integrated Telecommunications climbed 3.8% after the telecom firm reported a higher quarterly profit.

In Abu Dhabi, the benchmark index inched 0.1% higher, with Aldar Properties surging more than 7%, its biggest intraday gain since late-Sept. Aldar reported fourth-quarter profit of 1.9 billion dirhams ($517.30 million), up 37% year-on-year. However, Lulu Retail Holding plunged 10%, top loser on the index, following a steep decline in fourth-quarter profit. Saudi Arabia's benchmark index lost 0.3%, ending three sessions of gains, hit by a 1.5% fall in Al Rajhi Bank . Leejam Sports, which posted a lower quarterly profit, slipped 2.4%.

Meanwhile, Fed Chair Jerome Powell is set to testify before the Senate Banking Committee on Tuesday. Investors will closely assess his comments on U.S. tariffs and inflation.

Outside the Gulf, Egypt's blue-chip index declined 1.1%, weighed down by a 3.9% slide in EFG Holding Company.

The Egyptian stock market remained in negative territory, continuing its price range fluctuations without a clear direction, said George Pavel, General Manager at Naga.com. "Investors remain cautious as they await further developments, while concerns about geopolitical risks and tariff policies continue to weigh on investor sentiment."

Egyptian Foreign Minister Badr Abdelatty told U.S. Secretary of State Marco Rubio on Monday that Arab states rejected Trump's widely condemned plan to displace Palestinians in Gaza and take control of the enclave.