Most stock markets in the Gulf ended higher on Thursday, as investors cautiously shrugged off concerns over U.S. President Donald Trump’s tariffs threats and the Federal Reserve’s dovish tone.
Trump has been making waves with his tariff announcements this week, targeting a broad range of imports, including pharmaceuticals, semiconductor chips, and lumber. The big one, though, is the impending tariff on autos, set to kick in as early as April 2.
These moves have investors on edge, fearing an all-out trade war. However, some analysts believe Trump’s aggressive stance is simply a negotiating tactic.
Saudi Arabia’s benchmark index gained 0.6%, helped by a 2.1% rise in the country’s biggest lender Saudi National Bank.
Among other gainers, Etihad Etisalat Company (Mobily), extended gains for a second session, following a significant increase in its annual profit. Mobily also proposed a higher cash dividend for the second half of the year.
Elsewhere, oil behemoth Saudi Aramco added 0.2%. Aramco signed an agreement to acquire a 25% equity stake in Unioil Petroleum Philippines.
Gulf markets end mixed on Trump’s tariff threats
In Abu Dhabi, the index finished 0.5% higher, with Aldar Properties rising 2%.
Dubai’s main share index fell 0.2%, hit by a 1.2% fall in top lender Emirates NBD.
Minutes of the Fed’s last policy meeting showed Trump’s initial policy proposals raised concerns about higher inflation and affirmed a continued pause on rate cuts. That impacts monetary policy in the Gulf, where most currencies, including the riyal, are pegged to the dollar.
The Qatari index added 0.1%, with the Gulf’s biggest lender Qatar National Bank gaining 0.4%.
Outside the Gulf, Egypt’s blue-chip index nudged 0.1% higher, helped by a 1% increase in Talaat Moustafa Group.
---------------------------------------- SAUDI ARABIA gained 0.6% to 12,388 Abu Dhabi rose 0.5% to 9,642 Dubai lost 0.2% to 5,380 QATAR added 0.1% to 10,654 EGYPT rose 0.1% to 30,915 BAHRAIN gained 0.4% to 1,940 OMAN fell 0.2% to 4,444 KUWAIT was up 0.6% to 8,711 ----------------------------------------
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