Gulf equities ended mixed on Sunday, with stocks drifting in a tight range during a quiet trading session as investors sought clarity after U.S. President Donald Trump escalated his global trade war.
Trump threatened on Saturday to impose a 30% tariff on imports from Mexico and the European Union, following the announcement of a 35% duty on Canadian imports, both starting August 1.
He also proposed a blanket tariff rate of 15%-20% on other countries, an increase from the current 10% baseline rate.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2%, as mixed sector performance kept the market subdued ahead of key earnings.
Utilities heavyweight ACWA Power (2082.SE), opens new tab declined 2.4% as its rights issue offering ended.
Qatar's benchmark index (.QSI), opens new tab finished flat in a calm session, with telecom giant Vodafone Qatar (VFQS.QA), opens new tab gaining 1.2%.
Investors remained cautious as the U.S. Federal Reserve is widely expected to keep interest rates unchanged as it waits to see the impact of tariffs on price pressures.
With Gulf currencies pegged to the U.S. dollar, the Fed's decisions on interest rates impact the region's monetary policy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.8%, hit by a 1% fall in Commercial International Bank (COMI.CA), opens new tab.
Egypt's central bank kept key interest rates unchanged on Thursday, pausing a trend of rate reductions despite inflation rates easing.
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