Most stock markets in the Gulf fell in early trade on Tuesday due to lacklustre earnings and concerns about U.S. investment curbs on China.
U.S. President Donald Trump ordered to restrict Chinese investments in strategic areas such as chips, artificial intelligence and aerospace.
Also weighing on sentiment was Trump’s indication that proposed tariffs on Mexico and Canada were still set to start next week, although investors had hoped negotiations would forestall the threat.
Saudi Arabia’s benchmark stock index dropped 0.5%, with ACWA Power Company retreating 3.2%.
ACWA Power reported annual profit ahead of analysts’ estimates but missed on revenue.
Among other losers, Saudi Ceramic Company tumbled 8.6% after reporting an annual loss.
Most Gulf markets gain despite US tariff worries
Yanbu National Petrochemical Company slid 2.4% after its 2024 profit missed analysts’ estimates.
Dubai’s main share index fell 0.2%, pressured by a 0.9% fall in toll operator Salik Company, while Emirates NBD (ENBD) eased 0.2%.
ENBD, Dubai’s top lender, made a mandatory cash offer to buy Emirates Islamic Bank at 11.95 dirhams ($3.25) per share.
In Abu Dhabi, the stock index was flat.
The Qatari index declined 1%, with most constituents trading in negative territory.
Qatar National Bank, the Gulf’s biggest lender, was down 0.9%.
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