Most major stock markets in the Gulf rose in early trade on Tuesday after a slew of upbeat earnings although caution persisted ahead of potential US tariffs, while investors awaited comments from the Federal Reserve Chair.
Trump on Monday announced plans to impose 25% tariffs on steel and aluminium imports to the U.S, with additional reciprocal tariffs to be made public on Tuesday or Wednesday.
Dubai’s main share index gained 0.6%, led by a 2.2% advance in Emaar Properties and a 0.8% rise in lender Dubai Islamic Bank ahead of its earnings.
Among other stocks, Emirates Integrated Telecommunications jumped 2.5% after the telecom firm reported a higher quarterly profit.
In Abu Dhabi, the benchmark index nudged 0.1% higher, with Aldar Properties advancing 6%, on course third consecutive session of gains. Aldar reported fourth-quarter profit of 1.9 billion dirhams ($517.30 million), up 37% year-on-year.
Gulf markets end mixed amid renewed tariff threats
On the other hand, Lulu Retail Holding plunged 10%, set for its biggest intraday fall since its listing in November, following a steep decline in fourth-quarter profit.
Lulu runs one of the biggest hypermarket chains in the Middle East. Elsewhere, International Holding Co was flat in spite of posting a decline in annual profit.
The Qatari benchmark index gained 0.4%, with Qatar Islamic Bank rising 1% and telecom firm Ooredoo increasing 1.1%, after posting a 46% jump in fourth-quarter profit.
Saudi Arabia’s benchmark index fell 0.3%, hit by a 0.8% fall in Al Rajhi Bank and a 0.9% decrease in ACWA Power Company.
Leejam Sports, which posted a lower quarterly profit, retreated 3.6%.
Meanwhile, Fed Chair Jerome Powell is set to testify before the Senate Banking Committee on Tuesday. Investors will closely assess his comments on US tariffs and inflation.
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