Major stock markets in the Gulf were mixed in early trade on Thursday on earnings results, while investors awaited the outcome of U.S.-China trade talks this weekend.

U.S. President Donald Trump on Wednesday suggested China initiated the trade talks, adding he was not willing to cut U.S. tariffs on Chinese goods to get Beijing to negotiations. Bessent said the upcoming talks were a start, not 'advanced' discussions.

Saudi Arabia's benchmark index fell 0.3%, hit by a 1.6% decline in Saudi Arabian Mining Company.

ACWA Power Company lost 1.1%. The energy and water solutions provider posted a first-quarter net profit of 427.2 million riyals, up year-on-year but down about 15% from the previous quarter.

Elsewhere, Middle East Healthcare Company dived 7.5%, despite reporting a sharp rise in quarterly profit.

Dubai's main share index lost 0.3%, with blue-chip developer Emaar Properties slipping 0.7%.

Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday but said risks of higher inflation and unemployment had risen, as its policymakers grapple with the impact of Trump's tariffs.

The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the dirhams, are pegged to the U.S. dollar.

The United Arab Emirates Central Bank has maintained its base rate at 4.40%, keeping monetary policy steady.

In Abu Dhabi, the index added 0.3%, helped by a 2.5% rise in ADNOC Drilling Company, a day after reporting a 25% jump in first-quarter profit.

The Qatari index gained 0.7%, led by a 1.5% rise in Qatar Islamic Bank.

Separately, Trump said on Wednesday he will soon have an announcement on whether the U.S. will ease microchip export restrictions to some Gulf countries.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Janane Venkatraman)


Reuters