Most stock markets in the Gulf ended higher on Tuesday, rebounding from falls triggered by ongoing uncertainty surrounding U.S. President Donald Trump's plans for tariffs on imports.
Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 4.3% jump in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
Among other gainers, Mobile Telecommunications Company (7030.SE), opens new tab advanced 5.1%. Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
The market appears poised to keep rising, supported by robust fourth-quarter results, although external factors continue to influence investor sentiment as recently observed, said Joseph Dahrieh, Managing Principal at Tickmill.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, with toll operator Salik Company (SALIK.DU), opens new tab sliding more than 5%, snapping a four-session winning streak.
Last week, Salik reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, up from 1.10 billion dirhams a year earlier.
Budget airliner Air Arabia (AIRA.DU), opens new tab retreated 1.5%, on profit-taking following three sessions of gains.
In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.7%.
According to Dahrieh, Tuesday's higher oil prices provided modest support.
A catalyst for the Gulf's financial markets, international oil prices extended gains after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, though prices were checked by the prospect of rising supply.
to which neither Ukrainians nor European officials have been invited.
The Qatari index (.QSI), opens new tab finished 0.3% higher, ahead of more earnings announcement this week, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
Egypt's central bank is likely to keep interest rates steady on February 20, awaiting a clearer drop in inflation before considering cuts, a poll of 10 economists and analysts showed.
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