DUBAI: Saudi Arabia’s stock market ended lower on Sunday after US President Donald Trump announced tariffs on Canada, Mexico and China, while the Qatari index gained ahead of several corporate earnings statements.
The US tariffs may impact the Gulf region’s economies, given their significant trade ties. Gulf oil exports could also be affected by a potential slowdown in global economic growth, while Gulf investors may see their overseas investments impacted.
White House spokeswoman Karoline Leavitt said the tariffs will be set at 25% for Canada and Mexico, and 10% for China, though it was unclear if there will be exemptions.
Reuters earlier quoted sources saying that Trump would delay collection of the duties until March 1 and offer a limited process for certain imports to be exempted.
Saudi Arabia’s benchmark index eased 0.1%, led lower by a 1% fall in ACWA Power Company and a 0.2% drop in Al Rajhi Bank.
In Qatar, the index added 0.3%, helped by a 0.7% rise in the Gulf’s biggest lender Qatar National Bank and a 1.2% increase in petrochemical maker Industries Qatar ahead of its earnings announcement.
Outside the Gulf, Egypt’s blue-chip index lost 0.3%, with tobacco monopoly Eastern Company falling 2.1%.
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