DUBAI: Stock markets in the Gulf ended mixed on Sunday as investors grew anxious about President Donald Trump’s revived trade tensions with China and potential tariffs on other nations.
Trump said on Friday that he planned to announce reciprocal tariffs on many countries by Monday or Tuesday of next week, a major escalation of his offensive to reshape global trade relationships in the United States’ favour.
Saudi Arabia’s benchmark index gained 0.3%, with Al Rajhi Bank rising 1.3% and the country’s biggest lender Saudi National Bank putting on 0.7%.
Trump’s plan to take over the war-ravaged Gaza strip and develop it economically has sparked concerns among Arab states.
Saudi Arabia has strongly rejected Israeli Prime Minister Benjamin Netanyahu’s comments about displacing Palestinians from their land. In a statement released on Sunday, the Saudi foreign ministry emphasized its categorical opposition to such remarks.
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