Most Gulf stock markets ended higher on Sunday as investors looked ahead to U.S. tariff decisions due later this week and took stock of OPEC+'s move to raise oil production output next month.
Market participants are closely watching Washington, where a 90-day suspension of punitive import tariffs expires on Wednesday. An extension of the suspension could support risk sentiment, while renewed trade tension might dampen appetite for riskier assets.
Saudi Arabia's benchmark index (.TASI), opens new tab traded in a narrow range before closing 0.6% higher, driven by an 8% rally in utilities heavyweight Acwa Power (2082.SE), opens new tab.
Acwa Power has signed initial agreements with Indonesia's sovereign wealth fund and state energy firm Pertamina to explore renewable energy projects potentially worth up to $10 billion.
Oil giant Saudi Aramco (2222.SE), opens new tab rose 0.4%. Aramco is looking to sell up to five gas-fired power plants, Reuters reported on Sunday, citing three sources with knowledge of the matter, part of a broader effort to free up funds that could generate tens of billions of dollars.
Qatar's stock index (.QSI), opens new tab lost 0.1%, weighed down by a 1.6% fall in Qatar Navigation (QNNC.QA), opens new tab.
Amid a cautious market backdrop, the OPEC+ group agreed on Saturday to raise output by 548,000 barrels per day in August, accelerating supply amid recent oil price volatility after Israeli and U.S. strikes on Iran.
Investors also grappled with concerns following U.S. President Donald Trump's signing of massive tax and spending cuts on Friday, which is expected to increase U.S. debt by $3.4 trillion over a decade, stoking fears of inflation and interest rate volatility.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%, helped by a 3% gain in electronic payment provider Fawry (FWRY.CA), opens new tab.
** The Bahrain Bourse was closed for a public holiday
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