Most stock markets in the Gulf ended higher on Monday as investors awaited corporate earnings announcements and amid some hopes that the worst of tariff pain is over, although confusion over U.S. trade policy lingered.
U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were underway and said he did not know if the U.S. president had talked to Chinese President Xi Jinping. Earlier, Beijing denied any talks were taking place.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.2%, helped by a 9.8% jump in Umm Al Qura For Development and Construction (4325.SE), opens new tab.
The Saudi market retains the potential to climb higher, provided that upcoming earnings reports remain strong, said George Pavel, general manager at Naga.com Middle East.
"However, risks associated with trade developments and oil price volatility will remain critical factors influencing market sentiment."
Dubai's main share index (.DFMGI), opens new tab climbed 1%, led by a 1.5% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.8% higher, with Multiply Group (MULTIPLY.AD), opens new tab climbing 3.3% as the investment firm is slated to report its first-quarter earnings.
Elsewhere, the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), opens new tab advanced 1.4% ahead of earnings announcement.
The Qatari index (.QSI), opens new tab added 0.3%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.8%.
Oil prices - a catalyst for the Gulf's financial markets - were stable as investors weighed up uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, as well as the prospect of OPEC+ raising supply.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.5%, with Commercial International Bank (COMI.CA), opens new tab rising 0.7%.
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