Most major stock markets in the Gulf fell in early trade on Tuesday, as ongoing global uncertainty surrounding US President Donald Trump’s plans for tariffs on imports keep investors on edge.
Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax US imports.
Dubai’s main share index fell 0.5%, with toll operator Salik Company declining 2.6%, following four sessions of gains.
Last week, Salik reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, up from 1.10 billion dirhams a year earlier. In Abu Dhabi, the index inched down 0.1%.
Gulf markets end mixed on concerns over Trump tariff plans
Saudi Arabia’s benchmark index gained 0.3%, helped by a 3.1% rise in the country’s biggest lender, Saudi National Bank.
Among other gainers, Mobile Telecommunications Company surged 7%.
Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
Meanwhile, oil producer group OPEC+ is considering pushing back a series of monthly supply increases due to begin in April despite calls from Trump to lower prices, Bloomberg News reported on Monday, citing delegates.
The Qatari index slipped 0.5%, with the Gulf’s biggest lender Qatar National Bank losing 0.4% and petrochemical maker Industries Qatar retreating 0.8%.
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