Gulf stocks steady as investors await clarity on US trade policies | Reuters

Gulf stocks steady as investors await clarity on US trade policies | Reuters

Gulf stocks ended Thursday's session largely unchanged as investors sought further clarity on U.S. trade policy following President Donald Trump's latest tariff threats.

Trump intensified his tariff campaign on Wednesday, announcing a 50% duty on U.S. copper imports and a 50% tariff on Brazilian goods, both effective August 1.

He also issued new tariff notices targeting seven smaller trade partners, adding to 14 others announced earlier this week.

Saudi Arabia's benchmark index (.TASI), opens new tab ended flat in a quiet session as mixed sector performance kept the market subdued ahead of key earnings.

However, the Saudi index eked out a weekly gain of 0.3%, marking its third consecutive weekly increase.

Hani Abuagla, Senior Market Analyst at XTB MENA, said he expects robust second-quarter earnings to help the market's ongoing recovery, providing crucial support for the upward trend.

Meanwhile, Saudi Aramco (2222.SE), opens new tab gained 0.6%.

The oil giant is in talks with U.S.-based Commonwealth LNG to purchase liquefied natural gas from its proposed facility in Cameron, Louisiana, as it seeks to strengthen its position in the global LNG market.

Dubai's index (.DFMGI), opens new tab edged 0.1% lower, easing from a 17-year high, with leading lender Emirates NBD (ENBD.DU), opens new tab declining 0.6%.

In contrast, Drake & Scull International (DSI.DU), opens new tab jumped around 9%. Earlier this week, the contractor launched its first self-owned commercial project in Dubai.

Abu Dhabi's index (.FTFADGI), opens new tab closed flat.

Both UAE markets remained on track for further gains in the coming weeks, supported by solid fundamentals, according to Abuagla.

Gulf's AI-related stocks, Space42 (SPACE42.AD), opens new tab and Presight AI (PRESIGHT.AD), opens new tab gained 3.3% and 7.3% respectively, mirroring global peers in riding optimism after AI chip giant Nvidia (NVDA.O), opens new tab became the first company in history to reach a $4 trillion valuation.

The Qatar stock index (.QSI), opens new tab finished flat as gains in industrial shares were offset by losses in the banking sector.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.5%, with Commercial International Bank (COMI.CA), opens new tab advancing 1.1%.

Egypt's core inflation was 11.4% on an annual basis in June, down from 13.1% in May, the central bank said on Wednesday.