Most stock markets in the Gulf ended lower on Tuesday as investors awaited clarity on U.S. threats of reciprocal tariffs, set to take effect early next month.
On Monday, U.S. President Donald Trump said automobile tariffs are coming soon, but also indicated that not all of his threatened levies would be imposed on April 2, suggesting some degree of flexibility on the matter.
Trump’s tariff policies are widely expected to contribute to slowing global economic growth, trigger further trade tensions, and could drive up inflation.
Saudi Arabia’s benchmark index dropped 0.6%, hit by a 1.6% fall in Al Rajhi Bank and a 3.7% decrease in Saudi Arabian Mining Company.
The Saudi bourse continued its uncertain movements at its support level. While sector performance remained mixed, the energy market showed signs of a recovery, following similar movements in oil prices during recent sessions, said George Pavel general manager at Naga.com Middle East.
“This recovery could potentially boost overall market sentiment if sustained.”
Oil prices – a catalyst for the Gulf’s financial markets – rose on Tuesday for a fifth day on expectations that global supply may tighten after the U.S. announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains.
Slow trading on major Gulf markets as US tariff worries weigh
Oil giant Saudi Aramco gained 0.6%.
In Abu Dhabi, the index eased 0.3%, with Multiply Group retreating 4.2%. The index was little changed at closing in the last two sessions and down in the two trading days before that.
The rebound in oil prices may eventually have a beneficial effect on the Abu Dhabi market, said Pavel.
Dubai’s main share index, however, finished flat.
The Qatari benchmark declined 0.3%, with petrochemical maker Industries Qatar losing 1.2%.
Outside the Gulf, Egypt’s blue-chip index closed 0.2% lower, weighed down by a 0.2% fall in Commercial International Bank.
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SAUDI ARABIA fell 0.6% to 11,706
Abu Dhabi lost 0.3% to 9,342
Dubai was flat at 5,117
QATAR down 0.3% to 10,158
EGYPT lost 0.2% to 31,762
BAHRAIN gained 0.3% to 1,957
OMAN rose 0.5% to 4,408
KUWAIT added 0.7% to 8,691
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