Stock markets in the Gulf ended mixed on Monday as investors remained on edge, awaiting further details on U.S. President Donald Trump’s reciprocal tariff plans and fearing a potential escalation of global trade tensions.
Trump on Friday revived his tariff threats, warning that automobile levies could kick in as soon as April 2. He also directed commerce and economic officials to explore reciprocal tariffs on countries imposing tariffs on U.S. goods, with a deadline for recommendations set for April 1.
Saudi Arabia’s benchmark index dropped 0.9%, weighed down by a 1% fall in Al Rajhi Bank and a 2.2% drop in ACWA Power Company.
However, Arabian Internet and Communications Services advanced 4.8%, to be the top gainer on the index, after the tech firm increased its annual cash dividend to 10 riyals per share, up from 6 riyals for 2023.
Dubai’s main share index rose 0.4%, with blue-chip developer Emaar Properties gaining 2.6%, after reporting a higher annual profit.
Emaar also proposed cash dividend of 1 dirham per share for 2024, up from 50 fils per share for 2023.
In Abu Dhabi, the index dropped 0.7%, with Burjeel Holding plunging 9.7%, following the hospital operator’s board directive to evaluate the viability of a share repurchase program.
Gulf markets little changed as US tariff woes persist
Oil prices - a catalyst for the Gulf’s financial markets - were little changed, as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.
The Qatari index nudged 0.1% higher, helped by a 1% rise in Qatar Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index concluded flat, ending three sessions of gains.
The Central Bank of Egypt is most likely to keep overnight interest rates unchanged on February 20 while policymakers wait for a clearer decline in inflation before considering cuts, according to a poll of 10 economists and analysts.
--------------------------------------- SAUDI ARABIA fell 0.9% to 12,266 Abu Dhabi lost 0.7% to 9,557 Dubai rose 0.4% to 5,383 QATAR added 0.1% to 10,610 EGYPT was flat at 30,437 BAHRAIN closed flat at 1,895 OMAN down 0.3% to 4,465 KUWAIT was flat at 8,567 ---------------------------------------
Comments
Comments are closed for this article.