Major stock markets in the Gulf were mixed in early trade on Thursday, as investors weighed the potential impact of US President Donald Trump’s tariffs on global economic growth.
Trump escalated his tariff campaign on Wednesday, announcing a 50% tariff on US copper imports and a 50% duty on goods from Brazil, both effective on August 1.
Trump also issued tariff notices for seven minor trading partners, adding to 14 others issued earlier in the week, including 25% levies on imports from South Korea and Japan, set to take effect on August 1 unless agreements are reached.
Saudi Arabia’s benchmark index edged 0.1% higher, supported by a 1.2% gain in Saudi National Bank, the kingdom’s largest lender by assets. However, oil giant Saudi Aramco slipped 0.1%.
Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the US company’s proposed facility in Cameron, Louisiana, as it seeks to strengthen its position in the market for the fuel, Reuters reported on Wednesday.
Dubai’s main share index added 0.1%, with Gulf Navigation advancing 3.3%.
Elsewhere, Drake & Scull International jumped more than 10%.
Earlier this week, the contracting company launched its first self-owned commercial project in Dubai.
In Abu Dhabi, the index fell 0.2%.
By contrast, Abu Dhabi Ports Company advanced 2.9% after AD Ports Group launched Gulflink JV operations with Kazakhstan Railway.
The Qatari index eased 0.2%, hit by a 1.2% fall in Commercial Bank.
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