Stock markets in the Gulf ended mixed on Sunday as investors grew anxious about President Donald Trump’s revived trade tensions with China and potential tariffs on other nations.
Trump said on Friday that he planned to announce reciprocal tariffs on many countries by Monday or Tuesday of next week, a major escalation of his offensive to reshape global trade relationships in the United States’ favour.
Saudi Arabia’s benchmark index gained 0.3%, with Al Rajhi Bank rising 1.3% and the country’s biggest lender Saudi National Bank putting on 0.7%.
Trump’s plan to take over the war-ravaged Gaza strip and develop it economically has sparked concerns among Arab states.
Abu Dhabi tracks oil prices higher, Dubai falls
Saudi Arabia has strongly rejected Israeli Prime Minister Benjamin Netanyahu’s comments about displacing Palestinians from their land. In a statement released on Sunday, the Saudi foreign ministry emphasized its categorical opposition to such remarks.
In Qatar, the index fell 0.3%, hit by a 0.3% fall in the Gulf’s biggest lender Qatar National Bank.
Elsewhere, dairy company Baladna declined about 2% after posting a slight decrease in fourth-quarter earnings.
Outside the Gulf, Egypt’s blue-chip index ended flat.
SAUDI ARABIA rose 0.3% to 12,469
QATAR fell 0.3% to 10,584
EGYPT was flat at 30,014
BAHRAIN was up 0.3% to 1,888
OMAN lost 0.3% to 4,551
KUWAIT added 0.2% to 8,436
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