Most stock markets in the Gulf ended higher on Monday as investors waited to see if imminent U.S. tariffs would be implemented.
U.S. Commerce Secretary Howard Lutnick said on Sunday that tariffs on Canada and Mexico will go into effect on Tuesday, but that President Donald Trump will determine whether to stick with the planned 25% level.
Lutnick’s comments were the first indication from Trump’s administration that it may not impose the full threatened 25% tariffs on all goods from Mexico and non-energy imports from Canada.
Saudi Arabia’s benchmark index gained 0.7%, snapping a five-session losing streak, with Al Rajhi Bank advancing 2.6% and the country’s biggest lender Saudi National Bank concluding 2% higher.
Among other gainers, Saudi Aramco climbed 1.1%, as the oil giant is slated to report its 2024 earnings on Tuesday.
However, utility firm Marafiq slid 4.8%, after its annual profit nosedived 97%.
Dubai’s main share index added 0.2%, helped by a 2.2% rise in blue-chip developer Emaar Properties.
Most Gulf markets gain in early trade; Qatar falls
Separately, Dubai-based GEMS Education plans to spend around $300 million over the next two-to-three years to increase organic growth, its CEO told Reuters, as it bets on population growth and an inflow of wealthy individuals.
In Abu Dhabi, the index closed 0.1% lower.
Oil prices – a catalyst for the Gulf’s financial markets – were little changed after registering a monthly loss for the first time since November, while investors await the outcome of efforts to end the Russia-Ukraine war and repercussions from U.S. tariffs.
The Qatari index finished 0.2% higher, with petrochemical maker Industries Qatar rising 0.5% and Qatar Fuel putting on 1.6%.
On the other hand, Gulf International Services tumbled 4.5%, as the firm traded ex-dividend.
Outside the Gulf, Egypt’s blue-chip index added 0.4%, with Commercial International Bank rising 0.8%.
Egypt’s net foreign assets (NFAs) jumped by $2.74 billion in January, boosted apparently by the sale of $2 billion in dollar-denominated bonds, central bank data showed.
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SAUDI ARABIA rose 0.7% to 12,124
Abu Dhabi fell 0.1% to 9,560
Dubai added 0.2% to 5,328
QATAR gained 0.2% to 10,464
EGYPT was up 0.4% to 30,989
BAHRAIN gained 0.5% to 1,980
OMAN lost 0.4% to 4,425
KUWAIT added 0.4% to 8,767
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