Stock markets in the Gulf ended mixed on Wednesday as investors exercised caution following U.S. President Donald Trump’s latest tariff threats on auto, semiconductor and pharmaceutical imports.
Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 1.1% fall in ACWA Power Company.
ACWA plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer Engie, the companies said in a joint statement on Wednesday.
Among other decliners, SAL Saudi Logistics Services Company dived about 8% - to become the top loser in the index - following a drop in its fourth-quarter profit.
Most Gulf markets rebound from US tariff fears
The cargo firm also slashed its fourth-quarter cash dividend to 1.33 riyals apiece.
Dubai’s main share index gained 0.3%, helped by a 1.1% rise in blue-chip developer Emaar Properties.
In Abu Dhabi, the index finished 0.3% lower.
Meanwhile, oil prices edged up, buoyed by concern over oil supply disruptions in Russia and the U.S. while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.
The Qatari index added 0.1%, helped by a 0.9% rise in the Gulf’s biggest lender Qatar National Bank
Outside the Gulf, Egypt’s blue-chip index closed 0.9% higher, with Commercial International Bank rising 0.9%, following an increase in annual profit.
---------------------------------------- SAUDI ARABIA lost 0.1% to 12,318 Abu Dhabi fell 0.3% to 9,593 Dubai gained 0.3% to 5,389 QATAR rose 0.1% to 10,646 EGYPT added 0.9% to 30,875 BAHRAIN advanced 1.6% to 1,932 OMAN lost 0.4% to 4,453 KUWAIT added 0.5% to 8,663----------------------------------------