Saudi Arabia’s main stock index closed down on Tuesday, reaching its lowest level since April 7 as market sentiment remains fragile due to the unpredictability of U.S. President Donald Trump’s tariffs policy.
The index shed 1.30% on Tuesday, underperforming its peers in the Middle East. Healthcare services provider AlMoosa Health Company was the top loser on the index, down 7.29%.
Saudi Aramco is also seeking to raise funds through a dollar-denominated three-part bond sale, with the country’s oil giant also exploring potential asset sales to release funds to pursue international expansion as reported last week.
Oil prices were little changed on Tuesday, with Brent crude futures down 28 cents, or 0.4%, at $64.46, on expectations of OPEC+ to increase output at a meeting later this week.
Dubai’s main share index closed up 0.37%, with Amlak Finance extending gains and closing up 5.61%. The company announced a board meeting for later this week to discuss asset sales and a potential exit from its real estate finance portfolio. The stock hit its highest level since 2008.
Gulf markets in red as new tariff war looms
In Abu Dhabi, the benchmark index settled up 0.16%.
The Qatari benchmark stock index fell 0.78%, with dairy producer Baladna Company down 1.28%.
Qatar National Bank, the largest bank in the region by assets, closed down 1.10%.
Outside the Gulf, Egypt’s blue-chip index settled up 1.49% with financial services provider Beltone Financial Holding up 6.76% and automotive company GB Auto up 6.30%.
Egypt’s central bank lowered its overnight interest rates by a less-than-expected 100 basis points last week.
------------------------------------------ SAUDI ARABIA down 1.36% to 10,925.18 ABU DHABI up 0.16% to 9,673.97 DUBAI up 0.37% to 5,504.6 QATAR down 0.78% to 10,648.36 EGYPT up 1.49% to 32,397.38 BAHRAIN up 0.08% to 1,922.46 OMAN up 0.42% to 4,529.7 KUWAIT up 0.48% to 8,744.2 ------------------------------------------
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