Major stock markets in the Gulf were subdued in early trade on Wednesday, as investors exercised caution following US President Donald Trump’s latest tariff threats on auto, semiconductor and pharmaceutical imports.
Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax US imports.
Saudi Arabia’s benchmark index edged 0.1% higher, supported by a 5.5% jump in telecom operator Etihad Etisalat Company (Mobily), following a significant increase in its annual profit.
In a separate bourse filing, Mobily proposed a higher cash dividend of 1.3 riyals per share for the second half of the year.
SAL Saudi Logistics Services Company tumbled 8.5% to become the top loser in the index, following a decline in its fourth-quarter profit.
Most Gulf markets rebound from US tariff fears
The cargo firm also slashed its fourth-quarter cash dividend to 1.33 riyals apiece.
In Abu Dhabi, the index fell 0.3%.
Meanwhile, oil prices edged higher amid worries of oil supply disruptions in the US and Russia, and as markets awaited clarity on the Ukraine peace talks.
Dubai’s main share index eased 0.1%, with utility firm Dubai Electricity and Water Authority losing 2.6%.
The Qatari index lost 0.1%, hit by a 0.8% fall in Qatar Navigation.
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