Saudi Arabia’s stock market led most of its Gulf peers higher early on Thursday, tracking global shares, after U.S. President Donald Trump’s unexpected decision to temporarily suspend most of his recently imposed tariffs.
Trump on Wednesday announced a 90-day pause on many of his new duties, however, raised the tariff rate for China to 125% effective immediately, from the previously announced 104% that took effect earlier on Wednesday.
Saudi Arabia’s benchmark index jumped 4%, buoyed by a 3.8% rise in Al Rajhi Bank and a 3.9% increase in the country’s biggest lender Saudi National Bank.
Gulf bourses rebound in line with global shares
Saudi Arabia has been hit by the minimum 10% tariff rate, which at present will remain in place.
Dubai’s main share index was up 2%, while the Abu Dhabi index climbed 1.3%.
Elsewhere, the Qatari benchmark advanced 2.5%.
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