Most stock markets in the Gulf ended lower on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China fuelled global trade war concerns.
U.S. President Donald Trump's 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with new duties on Chinese goods, sparking fears of a trade wars.
In response, China and Canada imposed their own tariffs on various U.S. products, while Mexico announced that it would reveal its countermeasures on Sunday.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.3%, hit by a 1.3% fall in oil giant Saudi Aramco (2222.SE), opens new tab, extending losses from the previous session when the firm reported a drop in annual profit and signalled it will slash its dividend payouts by nearly a third this year to $85.4 billion.
The significantly reduced dividends could also result in fewer funds for the kingdom - which directly owns 81.5% of Aramco - and is in a race to complete several large-scale projects and potentially faces a wider budget deficit.
Elsewhere, Dallah Healthcare Company (4004.SE), opens new tab slid , despite reporting a rise in annual profit.
Dubai's main share index (.DFMGI), opens new tab finished 0.8% lower, weighed down by a 3.7% slide in top lender Emirates NBD (ENBD.DU), opens new tab, as the bank traded ex-dividend.
Among other losers, blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 1.1% and toll operator Salik (SALIK.DU), opens new tab was down 0.6%.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.4% lower, with petrochemical firm Borouge (BOROUGE.AD), opens new tab tumbling 6%, a day after the announcement of its merger with Borealis to form the world's fourth largest polyolefins firm by production capacity.
The Qatari index (.QSI), opens new tab, however, gained 0.2%, helped by a 2.1% rise in Qatar Gas Transport (QGTS.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.4%, with Commercial International Bank (COMI.CA), opens new tab rising 1.6%.
No comments:
Post a Comment