Most Gulf stock markets ended higher on Sunday as investors looked ahead to U.S. tariff decisions due later this week and took stock of OPEC+’s move to raise oil production output next month.
Market participants are closely watching Washington, where a 90-day suspension of punitive import tariffs expires on Wednesday. An extension of the suspension could support risk sentiment, while renewed trade tension might dampen appetite for riskier assets.
Saudi Arabia’s benchmark index traded in a narrow range before closing 0.6% higher, driven by an 8% rally in utilities heavyweight Acwa Power.
Acwa Power has signed initial agreements with Indonesia’s sovereign wealth fund and state energy firm Pertamina to explore renewable energy projects potentially worth up to $10 billion.
UAE stocks inch higher as geopolitical tensions ease, AI sector shines
Oil giant Saudi Aramco rose 0.4%. Aramco is looking to sell up to five gas-fired power plants, Reuters reported on Sunday, citing three sources with knowledge of the matter, part of a broader effort to free up funds that could generate tens of billions of dollars.
Qatar’s stock index lost 0.1%, weighed down by a 1.6% fall in Qatar Navigation.
Amid a cautious market backdrop, the OPEC+ group agreed on Saturday to raise output by 548,000 barrels per day in August, accelerating supply amid recent oil price volatility after Israeli and U.S. strikes on Iran.
Investors also grappled with concerns following U.S. President Donald Trump’s signing of massive tax and spending cuts on Friday, which is expected to increase U.S. debt by $3.4 trillion over a decade, stoking fears of inflation and interest rate volatility.
Outside the Gulf, Egypt’s blue-chip index added 0.3%, helped by a 3% gain in electronic payment provider Fawry.
The Bahrain Bourse was closed for a public holiday
SAUDI ARABIA added 0.6% to 11,316
QATAR eased 0.1% to 10,752
EGYPT added 0.3% to 32,914
OMAN gained 0.3% to 4,565
KUWAIT increased 0.3% to 9,144
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