Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation.
U.S. President Donald Trump's eye-watering 104% tariffs on China came into effect on Wednesday, prompting a swift retaliation from Beijing in the form of duties of 84% on U.S. imports.
Trump's punishing tariffs — which he says aim to end U.S. trade deficits with many countries — have upended a global trading order in place for decades, raising fears of recession and wiping trillions of dollars off the market value of major firms.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.8%, ending two sessions of gains, dragged down by a 1.8% slide in Al Rajhi Bank (1120.SE), opens new tab and a 3.4% decrease in ACWA Power Company (2082.SE), opens new tab.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab fell 0.2%.
Oil prices — a catalyst for the Gulf's financial markets — plunged to four-year lows after China's fresh retaliatory tariffs.
Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, supported by a 2.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 0.9%, led by a 3.9% jump in Borouge (BOROUGE.AD), opens new tab, after the petrochemicals firm announced an increase in dividend to 16.2 fils per share ahead of the launch of Borouge Group International, expected in the first quarter of 2026.
The Qatari index (.QSI), opens new tab closed 0.1% higher, with Qatar National Bank (QNBK.QA), opens new tab, the Gulf's biggest lender, gaining 0.8%.
Post trading hours, the lender reported a net profit of 4.26 billion riyals ($1.17 billion) for the first quarter, exceeding analysts' expectations.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.9%, as most of its constituents were in negative territory including EFG Holding (HRHO.CA), opens new tab, which retreated 4.1%.
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