Most stock markets in the Gulf rose in choppy trade early on Monday, as investors waited to see if imminent US tariffs would be implemented, although the Qatari bourse traded lower.
US Commerce Secretary Howard Lutnick said on Sunday that tariffs on Canada and Mexico will go into effect on Tuesday, but that President Donald Trump will determine whether to stick with the planned 25% level.
Lutnick’s comments were the first indication from Trump’s administration that it may not impose the full threatened 25% tariffs on all goods from Mexico and non-energy imports from Canada.
Saudi Arabia’s benchmark index gained 0.4%, on course to snap a five-day losing streak, with Al Rajhi Bank rising 0.5%.
Saudi bourse extends losses on lacklustre earnings; Egypt gains
However, utility firm Marafiq plunged more than 8%, after its annual profit nosedived 97%. Dubai’s main share index edged 0.1% higher, helped by a 0.4% rise in blue-chip developer Emaar Properties.
Separately, Dubai-based GEMS Education plans to spend around $300 million over the next 2-3 years to increase organic growth, its CEO told Reuters, as it bets on population growth and an inflow of wealthy individuals.
In Abu Dhabi, the index was up 0.1%. Oil - a catalyst for the Gulf’s financial markets - edged up as upbeat manufacturing data from China, the world’s biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential US tariffs loomed.
The Qatari index, however, dropped 0.5%, hit by a 2% fall in Qatar Islamic Bank.
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