Major stock markets in the Gulf were characterised by low volumes in Tuesday’s session, and traded lower, as investors awaited clarity on US threats of reciprocal tariffs, set to take effect early next month.
On Monday, President Donald Trump said automobile tariffs are coming soon, but also indicated that not all of his threatened levies would be imposed on April 2, suggesting some degree of flexibility on the matter.
Trump’s tariff policies are widely expected to contribute to slowing global economic growth, trigger further trade tensions, and could drive up inflation.
Saudi Arabia’s benchmark index dropped 0.3%, with Saudi Arabian Mining Company losing 1.7%.
Al Rajhi Bank rose 1.5%.
Banks and industrial stocks drag Dubai lower, Abu Dhabi flat
In the United Arab Emirates, Dubai’s main share index eased 0.1%.
Dubai Islamic Bank shares fell 0.8%.
Abu Dhabi’s index was also 0.1% lower.
Oil prices - a catalyst for the Gulf’s financial markets - were little changed as markets weighed the potential impact of US tariffs on countries that buy Venezuelan oil, and the uncertain outlook for global demand.
The Qatari index retreated 0.3%, with petrochemical maker Industries Qatar falling 1%.
Comments