Stock markets in the Gulf closed mixed on Tuesday as investors assessed U.S. President Donald Trump’s latest tariff threats, with the Saudi index rising on the back of property and telecom shares.
On Monday, Trump revealed plans to impose tariffs on imported computer chips and certain metal imports, among other products. This move is likely to affect industries from technology to manufacturing and may have far-reaching consequences for the global economy.
Saudi Arabia’s benchmark index gained 0.4%, led by a 1.6% rise in the country’s biggest lender Saudi National Bank.
Among other gainers, Jabal Omar Development Company, a real estate firm based out of Mecca, jumped 7.5%, rising for a third consecutive session.
The kingdom’s Capital Market Authority (CMA) on Monday said foreign investors will be permitted to invest in Saudi-listed real estate companies operating in Mecca and Medina from Jan. 27.
Most Gulf markets fall amid US trade concerns
Elsewhere, Saudi Telecom Company advanced 2.2%, after the firm said it won a contract worth 32.64 billion riyals ($8.70 billion) from a government entity to build, operate and provide telecommunications infrastructure services.
Dubai’s main share index fell 0.3%, hit by a 4% slide in Emaar Development.
In Abu Dhabi, the index concluded flat.
Oil prices – a catalyst for the Gulf’s financial markets – edged higher but remained near a two-week low, as weak economic data from China and rising temperatures elsewhere dampened demand prospects.
The Qatari benchmark added 0.1%, helped by a 1.1% gain in petrochemical maker Industries Qatar and a 0.8% increase in Qatar International Islamic Bank ahead of its earnings.
Outside the Gulf, Egypt’s blue-chip index eased 0.3%, with Talaat Moustafa Holding declining 1.8%.
—————————————
SAUDI ARABIA rose 0.4% to 12,421
Abu Dhabi was flat at 9,550
Dubai lost 0.3% to 5,177
QATAR added 0.1% to 10,674
EGYPT down 0.3% to 29,647
BAHRAIN rose 0.1% to 1,892
OMAN up 0.1% to 4,566
KUWAIT dropped 0.5% to 8,321
—————————————
American Dollar Exchange Rate