Most Gulf markets gain on quarterly earnings
Most Gulf stock markets ended higher on Thursday, as investors turned their attention to corporate earnings, although escalating regional tensions limited gains.
Dubai’s main share index gained 0.2 percent, helped by a 3 percent rise in top lender Emirates NBD . The lender reported second-quarter profit that was broadly flat from the previous quarter, as asset growth and margins remained resilient in its first full-quarter results since the onset of the U.S.-Israeli war on Iran.
In Abu Dhabi, the index rose 0.7 percent, buoyed by a 6.3 percent surge in the United Arab Emirates’ biggest lender First Abu Dhabi Bank following a rise in quarterly earnings.
Australian shares on track
Australian shares fell on Friday, and were poised for a third consecutive weekly loss, as weaker commodity prices weighed on local miners and US technology stocks reignited concerns over heavy AI spending.
The S&P/ASX 200 index was down 0.6 percent at 8,783.9 points, as of 0007 GMT, after closing 0.2 percent higher in the previous session.
The benchmark is on track for its steepest decline in more than three weeks, if current momentum holds.
China stocks slip
China and Hong Kong stocks retreated on Friday on higher oil prices, fuelling inflation fears and dampening investor sentiment.
China’s blue-chip CSI300 Index and the Shanghai Composite Index fell 1.2 percent by lunch break. Hong Kong benchmark Hang Seng dropped 1.7 percent, while Hang Seng Tech lost 1.7 percent.
Brent crude jumped to above $100 a barrel after US President Donald Trump promised “major military punishment” for Iran and its Houthi allies on Thursday. Geopolitical uncertainties and higher oil prices have weighed on regional market performance.
South Korean shares sink 6pc
South Korean shares tumbled 6 percent on Friday on concerns over the sustainability of heavy AI spending by major US technology firms, while a surge in oil prices above $100 a barrel rekindled fears of a fresh inflation shock.
The benchmark KOSPI was down 6.3 percent at 6,650.41 points, as of 0431 GMT, erasing most gains from the previous three sessions when the index climbed roughly 9 percent.
The sharp decline, the biggest in five days, triggered “sidecar” trading curbs on the KOSPI and the junior Kosdaq index , temporarily halting programme trading.
It was the 13th sidecar activation on the KOSPI in 17 sessions this month.
Foreign investors turned net sellers, offloading shares worth 2.62 trillion won ($1.79 billion) on the day, after buying a net 5.57 trillion won over the previous four sessions, exchange data showed.
Indian shares to open lower
Indian shares are expected to decline on Friday as an escalating Middle East crisis has pushed Brent crude above $100 per barrel for the first time in two months, weaker-than-expected earnings from Infosys and IndiGo will also hurt shares.
GIFT Nifty futures were at 23,710 as of 7:12 a.m. IST, indicating the benchmark Nifty 50 could open below Thursday’s close of 23,869.6.
US President Donald Trump promised a “major military punishment” for Iran and its Houthi allies on Thursday after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint.
Higher oil prices pose a key risk for India, the world’s third-largest crude importer and consumer, by stoking inflation, widening the trade gap, and squeezing growth and corporate margins.
Japan’s Nikkei falls more than 2pc
Japan’s Nikkei share average fell more than 2 percent on Friday, as a sharp decline in Google parent Alphabet shares spurred concerns about heavy AI .
The Nikkei was down 2.69 percent at 64,634.04 as of 0112 GMT, while the broader Topix slipped 1.28 percent to 4,002.09.
The Nikkei has lost more than 7 percent so far this month, tumbling into correction territory last week. Its moves have been heavily affected by the tech-heavy South Korean benchmark KOSPI and the U.S. Philadelphia semiconductor index.
Shares of Alphabet sank 7 percent overnight after the company reported higher spending plans while it also burned cash. Wall Street indexes closed lower, with the Nasdaq shedding more than 2 percent.
Concerns resurfaced over whether heavy spending on AI infrastructure is sustainable after Alphabet shares fell sharply overnight, said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.
“The (Nikkei) has been affected by overseas factors, not local cues. Many Japanese companies will start reporting their earnings from today, and if their outlook is strong, the index’s trend may change,” said Shimada.
Sri Lankan shares close higher
Sri Lankan shares closed higher on Thursday, helped by gains in IT and real estate stocks.
The CSE All-Share index settled up 0.24 percent at 21,199.37.
SMB Finance PLC and Carson Cumberbatch PLC were the top percentage gainers on the CSE All-Share index, gaining 33.3 percent and 8.6 percent, respectively.
Trading volume on the index fell to 37.7 million shares from 91.1 million rupees in the previous session.
The equity market’s turnover fell to 1.08 billion Sri Lankan rupees ($3.22 million) from 3.53 billion rupees in the previous session, according to exchange data.
Nine private deals executed in Saudi stock market 116.6 million riyals
Nine private deals were executed on the Saudi Stock Exchange (Tadawul) today, Thursday, involving shares of SNB, Bawani, Jamjoom Pharma, Taiba, and Aramco, totaling 3.82 million shares and valued at SAR 116.64 million.
Three deals were executed on 1.02 million SNB shares at a price of SAR 39.64, for a total value of SAR 40.4 million. Three other deals were executed on 2.6 million Saudi Aramco shares at a price of SAR 26.64, for a total value of SAR 63.93 million.
One deal was executed on 283,000 Taiba shares at a price of SAR 18.33, for a value of SAR 5.2 million. Another deal was executed on 24,100 Jamjoom Pharma shares at a price of SAR 146.20, for a value of SAR 3.5 million.