Most Gulf markets gain despite trade war fears | Reuters

Most Gulf markets gain despite trade war fears | Reuters

Most stock markets in the Gulf ended higher on Tuesday as investors focused on upcoming corporate earnings, despite escalating trade tensions between the U.S. and China.

China slapped tariffs on U.S. imports in a swift response to new U.S. duties on Chinese goods, renewing a trade war between the world's top two economies even as President Donald Trump offered reprieves to Mexico and Canada.

An additional 10% tariff on all Chinese imports into the U.S. came into effect at 12:01 a.m. ET on Tuesday (0501 GMT) after Trump repeatedly warned Beijing it was not doing enough to halt the flow of illicit drugs into the United States.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, led by a 1.6% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% increase in Saudi Telecom Company (7010.SE), opens new tab.

The kingdom's non-oil business sector expanded at its strongest pace in just over a decade in January, driven by a surge in new orders and robust business activity, a survey showed on Tuesday.

Dubai's main share index (.DFMGI), opens new tab rose 0.7%, with toll operator Salik Company (SALIK.DU), opens new tab jumping 3.5% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 0.7%.

Dubai's market continued its recovery following a period of uncertainty. Investor optimism about upcoming fourth-quarter earnings drove positive performance across most sectors, particularly in financials and real estate, said Milad Azar, market analyst at XTB MENA.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged higher 0.1%, supported by a 0.4% gain in Borouge (BOROUGE.AD), opens new tab after it reported a sharp rise in fourth-quarter profit.

The petrochemical firm also proposed a second-half dividend of 7.9 fils per share.
Crude prices fell as U.S. tariffs on China took effect and Beijing retaliated with its own measures, heightening trade war fears.

The Qatari index (.QSI), opens new tab finished 0.3% higher, with Qatar Gas Transport Nakilat (QGTS.QA), opens new tab climbing 2.9%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.3%, hit by a 1.3% fall in Talaat Moustafa Group Holding (TMGH.CA), opens new tab.