Major Gulf stock markets were mixed on Wednesday as investors waited for clarity on U.S. President Donald Trump's trade policy ahead of looming tariffs.
Traders are hoping there may be room for flexibility around recently-announced trade policies, after Trump hinted earlier this week that not all tariffs would kick in on April 2, and that some countries may be exempt.
Oil prices - a catalyst for the Gulf's financial markets - initially rose on U.S. plans for additional tariffs on buyers of Venezuelan oil and gas, and a larger-than-expected drop in U.S. crude inventories.
But the impact was later mitigated by the U.S.-brokered maritime security and energy truce between Russia and Ukraine.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 2.3%, led by a 3% rise in Al Rajhi Bank (1120.SE), opens new tab and a 2.1% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
"The Saudi bourse exhibited strong positive performance, showing improved sentiment after a period of uncertainty," Joseph Dahrieh, managing principal at TickmillAll, said, adding that all sectors traded positively on Wednesday.
"The energy sector extended its rebound, benefiting from the recent two-week oil price recovery, with Aramco also posting gains," he said.
In Qatar, the index (.QSI), opens new tab added 0.3%, helped by a 0.3% rise in the Gulf's biggest lender by assets, Qatar National Bank (QNBK.QA), opens new tab.
The Abu Dhabi index (.FTFADGI), opens new tab edged 0.2% higher.
Dubai's main share index (.DFMGI), opens new tab, however, finished flat, despite budget airline Air Arabia's (AIRA.DU), opens new tab 8.9% plunge. Emirates Integrated Telecommunications (DU.DU), opens new tab also retreated 3.2%. Both stocks traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.1%, with EFG Holding (HRHO.CA), opens new tab slipping 1.7%.
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