Most stock markets in the Gulf ended higher on Wednesday amid general caution in response to U.S. President Donald Trump's recent policy announcements, with the Qatari index outperforming thanks to strong corporate earnings.
Trump said late on Tuesday that his administration was considering imposing a 10% tariff on Chinese goods starting on Feb. 1. He previously said that 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 also threatened duties on European imports, without providing further details.
The Qatari index (.QSI), opens new tab advanced 1.1%, led by a 3.9% jump in Commercial Bank (COMB.QA), opens new tab, after it reported a net profit of 3.03 billion riyals ($832.14 million) for 2024, little changed from last year, while proposing a nearly 20% higher full-year cash dividend.
Qatar Fuel Company (QFLS.QA), opens new tab finished 1.8% higher, ahead of its earnings announcement.
Dubai's main share index (.DFMGI), opens new tab added 0.2%, helped by a 1.4% gain in top lender Emirates NBD (ENBD.DU), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.1%, hit by a 1.5% fall in ACWA Power Company (2082.SE), opens new tab, while digital security firm Elm Company (7203.SE), opens new tab retreated 4%, as the firm agreed to acquire business services firm Thiqah from the country's sovereign wealth fund Public Investment Fund in a deal valued at 3.4 billion riyals ($906.4 million).
Prince Alwaleed Bin Talal's investment company Kingdom Holding (KHC) (4280.SE), opens new tab advanced 3.2%, 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.
Outside the Gulf, EGypt's blue-chip index (.EGX30), opens new tab rose 0.5%, as most of its constituents were in positive territory.
The Egyptian stock market continued its upward momentum, driven by sustained optimism and eased geopolitical tensions, which contributed to the market's recovery, said Milad Azar Market analyst at XTB MENA.
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