Major stock markets in the Gulf fell in early trade on Thursday as uncertainties around US tariff policies and fears of an economic slowdown remained top concerns for investors.
Traders are waiting for signs of progress on negotiations between US President Donald Trump’s administration and its trading partners, including the ongoing trade talks with Japan.
The direction of any potential discussions with China remains the biggest overhang.
Saudi Arabia’s benchmark index declined 0.5%, weighed lower by a 1.5% fall in ACWA Power Company and a 1.3% decrease in Saudi Arabian Mining Company.
Investors were also digesting comments from Federal Reserve Chair Jerome Powell, who warned of the risk of slowing growth and rising prices due to tariffs.
Major Gulf markets fall on trade war concerns
Dubai’s main share index eased 0.1%, hit by a 1.6% drop in blue-chip developer Emaar Properties. In Abu Dhabi, the index was also down 0.1%.
Qatar’s benchmark fell 0.5%, with Commercial Bank losing 2.6%, following a sharp decline in first-quarter profit.
Meanwhile, oil prices extended gains on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade, and as some OPEC producers pledged more output cuts to compensate for pumping above their agreed quotas.
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