Most stock markets in the Gulf ended higher on Monday as investor turned their focus to corporate earnings, brushing aside U.S. President Donald Trump's warning that more tariffs were imminent, including on steel and aluminium.
Trump announced plans to impose 25% tariffs on all steel and aluminium imports to the U.S., effective immediately, with additional reciprocal tariffs to be made public on Tuesday or Wednesday.
Raising the prospect of a full-scale trade war, German Chancellor Olaf Scholz said the European Union was prepared to retaliate "within an hour" if the U.S. imposed tariffs on European goods.
Dubai's main share index (.DFMGI), opens new tab concluded 0.4% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1% higher.
Dubai Electricity and Water Authority (DEWAA.DU), opens new tab - whose shares were suspended pending earning announcement - posted a standalone net profit of 8.01 billion dirhams ($2.18 billion) for 2024, up from 7.82 billion dirhams a year earlier.
In Abu Dhabi, the index (.FTFADGI), opens new tab gained 0.5%, led by a 6.8% jump in Aldar Properties (ALDAR.AD), opens new tab after reporting a sharp rise in fourth-quarter profit.
Oil prices - a catalyst for the Gulf's financial markets - rebounded despite lingering fears over a potential global trade war after U.S. President Donald Trump's latest tariff plans, this time targeting steel and aluminium.
The Qatari index (.QSI), opens new tab concluded 0.4% higher, with Qatar Islamic Bank (QISB.QA), opens new tab rising 1%, and telecoms firm Ooredoo (ORDS.QA), opens new tab increasing 1.1% ahead of its earnings announcement.
President Trump plans a 25% tariff on all steel and aluminium imports due to kick in tomorrow or Wednesday.
Saudi Arabia's benchmark index (.TASI), opens new tab closed flat, with Al Yamamah Steel Industries Company (1304.SE), opens new tab plunging 6.3%.
Saudi stocks were volatile today after yesterday's gains with investors awaiting corporate earnings, expecting a boost from solid economic fundamentals, said Hassan Fawaz Chairman & Founder of GivTrade.
"However, Trump's tariff announcements may weigh on regional investor sentiment."
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.4%, with Talaat Moustafa Group (TMGH.CA), opens new tab retreating 1.3%.
Elsewhere, Egypt Aluminum Company (EGAL.CA), opens new tab tumbled about 5%, the top loser on the index.
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