DUBAI: Most stock markets in the Gulf ended higher on Sunday driven by optimism over US President Donald Trump’s recent comments hinting at a more relaxed approach to tariffs on Chinese goods and potentially lower US interest rates.
Trump expressed his desire to lower global oil prices, interest rates and taxes in a speech to the World Economic Forum in Davos, Switzerland. He also mentioned that his recent conversation with Chinese President Xi Jinping was positive and that he’s optimistic about reaching a trade deal with China.
Saudi Arabia’s benchmark index gained 0.3%, helped by a 1.3% rise in ACWA Power Company and a 2.4% increase in Jabal Omar Development Company. Separately, Saudi Economy Minister Faisal Alibrahim said on Friday that the kingdom’s $600 billion expanded package with the United States includes investments as well as procurement from the public and private sectors.
In Qatar, the index lost 0.1%, hit by a 3.8% fall in Masraf Al Rayan, after reporting a marginal increase in annual profit.
The sharia-compliant lender reported a net profit of 1.51 billion riyals for 2024, up from 1.45 billion riyals a year earlier.
Outside the Gulf, Egypt’s blue-chip index added 0.1%, helped by a 0.8% rise in Commercial International Bank.
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