Most Gulf stock markets ended higher on Monday, in line with global shares, supported by an easing of trade tensions after the U.S. granted exemptions for smartphones and computers from tariffs.
The move also excluded the specified electronics from Trump's 10% "baseline" tariffs on goods from most countries other than China, easing import costs for semiconductors from Taiwan and Apple iPhones produced in India.
On Wednesday, Trump had announced a reprieve for levies on dozens of countries, while ratcheting up tariffs on Chinese imports effectively to 145%.
Dubai's main share index (.DFMGI), opens new tab advanced 1.8%, led by a 4.7% jump in top lender Emirates NBD (ENBD.DU), opens new tab and a 3.2% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab climbed 0.9%.
Oil prices - a catalyst for the Gulf's financial markets - rose more than 1% on the U.S. tariff exclusions and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the U.S. and China could weaken global economic growth and dent fuel demand.
The Qatari index (.QSI), opens new tab added 0.3%, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, finished flat, after two sessions of gains.
The Organization of the Petroleum Exporting Countries cut its 2025 global oil demand growth forecast on Monday, citing the impact of data received for the first quarter and U.S. tariffs, and also reduced its global economic growth forecasts for this year and next.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab ended flat.
Meanwhile, Qatar and Egypt agreed to work towards a package of $7.5 billion in direct Qatari investments, according to a joint statement released by the Egyptian president's office on Monday.
Egypt is pushing ahead with efforts to secure funding from Gulf neighbours and foreign partners as it seeks to tackle heavy foreign debts and a gaping budget deficit.
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