Stock markets in the Gulf ended mixed on Thursday, as investors remained cautious, keeping a watchful eye on U.S. President Donald Trump’s policy announcements and their potential impact on the market.
Trump said on Tuesday his administration was considering imposing a 10% tariff on Chinese goods starting Feb. 1. He previously said Mexico and Canada could face tariffs of around 25% from the same date.
Such a move could significantly affect global trade and economic stability, with potential consequences, including higher prices for consumers and reduced economic growth.
Trump’s early presidency has been characterized by a flurry of executive orders over a wide range of issues causing investors to prepare for potential shifts in trade policies, tariffs, and economic measures leading to volatile market sentiment.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 1.2% fall in Al Rajhi Bank.
Elsewhere, Prince Alwaleed Bin Talal’s investment company Kingdom Holding declined 2.4%, a day after advancing more than 3%, after its CEO told Al Arabiya TV that the firm would be interested in investing in ByteDance’s TikTok if Elon Musk or others stepped in to buy it.
Most Gulf markets rise amid tariff uncertainty
Separately, the kingdom’s Crown Prince Mohammed bin Salman told Trump that Saudi Arabia wants to put $600 billion into expanded investment and trade with the United States over the next four years, according to the Saudi State news agency.
Dubai’s main share index added 0.3%, with blue-chip developer Emaar Properties rising 1.5%.
The Qatari benchmark was up 0.4%, with the Gulf’s biggest lender Qatar National Bank rising 0.6%.
Qatar plans to introduce three new laws aimed at attracting foreign investors to boost its economy through bankruptcy, public-private partnership and commercial registration laws.
This move aims to make the Gulf Arab state more attractive to foreign investors, as announced by the new Minister of Commerce and Economy, Sheikh Faisal bin Thani Al Thani.
Outside the Gulf, Egypt’s blue-chip index finished 0.1% higher, with tobacco monopoly Easter Company climbing 3.6%.
—————————————
SAUDI ARABIA fell 0.1% to 12,354
Abu Dhabi rose 0.1% to 9,543
Dubai added 0.3% to 5,249
QATAR gained 0.4% to 10,660
EGYPT up 0.1% to 29,998
BAHRAIN eased 0.1% to 1,896
OMAN lost 0.3% to 4,604
KUWAIT dropped 0.2% to 8,165
—————————————
American Dollar Exchange Rate