Stock markets in the Gulf closed mixed on Wednesday after U.S. President Donald Trump ordered a probe into potential new tariffs on U.S. critical mineral imports and amid concerns about the economic impact of the U.S.-China trade war.
Trump's probe was viewed as an attempt to push back on leading critical minerals producer China, and comes on top of reviews into pharmaceutical and chip imports.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.2%, helped by a 0.5% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.5% increase in top lender Saudi National Bank (1180.SE), opens new tab.
Separately, United Carton Industries Company on Tuesday announced plans to float a 30% stake on the Saudi Exchange's main market, in what would be the first initial public offering since trade tensions sparked a selloff in the kingdom's equity markets.
Dubai's main share index (.DFMGI), opens new tab dropped 0.5%, weighed down by a 1.2% slide in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2% decline in top lender Emirates NBD (ENBD.DU), opens new tab.
Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on U.S. imports in an intensifying trade war between the world's two biggest economies that markets fear will lead to a global recession.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.3%.
On the other hand, oil prices rose 1%, reversing early losses as the market took a bullish view on China's stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade war will curb energy demand.
The Qatari index (.QSI), opens new tab fell 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab retreating 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.5%, with EFG Holding (HRHO.CA), opens new tab falling 2%.
Meanwhile, Egypt's central bank is expected to cut overnight interest rates by 200 basis points on Thursday, but analysts say uncertainty about the impact of U.S. tariffs on the global economy is likely to make it move cautiously despite plunging Egyptian inflation, a Reuters poll shows.
No comments:
Post a Comment