Most stock markets in the Gulf ended higher on Thursday, as investors cautiously shrugged off concerns over U.S. President Donald Trump's tariffs threats and the Federal Reserve's dovish tone.
Trump has been making waves with his tariff announcements this week, targeting a broad range of imports, including pharmaceuticals, semiconductor chips, and lumber.
The big one, though, is the impending tariff on autos, set to kick in as early as April 2.
These moves have investors on edge, fearing an all-out trade war. However, some analysts believe Trump's aggressive stance is simply a negotiating tactic.
These moves have investors on edge, fearing an all-out trade war. However, some analysts believe Trump's aggressive stance is simply a negotiating tactic.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, helped by a 2.1% rise in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
Among other gainers, Etihad Etisalat Company (Mobily) (7020.SE), opens new tab, extended gains for a second session, following a significant increase in its annual profit. Mobily also proposed a higher cash dividend for the second half of the year.
Elsewhere, oil behemoth Saudi Aramco (2222.SE), opens new tab added 0.2%. Aramco signed an agreement to acquire a 25% equity stake in Unioil Petroleum Philippines.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.5% higher, with Aldar Properties (ALDAR.AD), opens new tab rising 2%.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, hit by a 1.2% fall in top lender Emirates NBD (ENBD.DU), opens new tab.
Minutes of the Fed's last policy meeting showed Trump's initial policy proposals raised concerns about higher inflation and affirmed a continued pause on rate cuts.
That impacts monetary policy in the Gulf, where most currencies, including the riyal, are pegged to the dollar.
The Qatari index (.QSI), opens new tab added 0.1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.4%.
The Qatari index (.QSI), opens new tab added 0.1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab nudged 0.1% higher, helped by a 1% increase in Talaat Moustafa Group (TMGH.CA), opens new tab.
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