Major stock markets in the Gulf fell on Monday as investors awaited further details on US President Donald Trump’s reciprocal tariff plans, fearing a potential escalation of global trade tensions.
Trump on Friday revived his tariff threats, warning that automobile levies could kick in as soon as April 2.
He also directed commerce and economic officials to explore reciprocal tariffs on countries imposing tariffs on US goods, with a deadline for recommendations set for April 1.
Saudi Arabia’s benchmark index dropped 0.5%, hit by a 1.2% fall in ACWA Power and a 0.7% decrease in biggest lender Saudi National Bank.
Elsewhere, Saudi Aramco Base Oil Company eased 0.5%, following a decline in fourth-quarter profit.
Dubai’s main share index lost 0.1%, with top lender Emirates NBD retreating 1.6%.
However, blue-chip developer Emaar Properties gained 2.6%, after reporting a higher annual profit.
Emaar also proposed cash dividend of 1 dirham per share for 2024, up from 50 fils per share for 2023.
Most Gulf markets little changed as US tariff woes persist
In Abu Dhabi, the index fell 0.6%, with Burjeel Holding plunging 9.7%, following the hospital operator’s board directive to evaluate the viability of a share repurchase program.
Oil prices - a catalyst for the Gulf’s financial markets - were little changed as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.
The Qatari index was down 0.1%, with the Gulf’s biggest lender Qatar National Bank dropping 0.3%.
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