Gulf markets were mixed on Monday with uncertainty about U.S. President Donald Trump's next tariff move and heightened regional geopolitical tensions affecting some stocks.
Trump's reciprocal tariffs, due to take effect on April 2, are expected to fuel inflation and stunt economic growth. However, Trump suggested on Friday that there may be some flexibility regarding tariffs, potentially softening their impact.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.4% and Saudi Telecom Company (7010.SE), opens new tab increasing 1.6%.
Elsewhere, Umm Al Qura for Development and Construction (4325.SE), opens new tab surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 19.5 riyals in its debut trading.
"The introduction of Umm Al Qura added further positive sentiment to the market," said Hassan Fawaz, chairman & founder of GivTrade. "However, for a sustainable reversal, the market will need reduced geopolitical tensions, less pressure from external factors, and a recovery in oil prices."
Dubai's main share index (.DFMGI), opens new tab added 0.3%, with toll operator Salik Co (SALIK.DU), opens new tab closing 2.6% higher.
Meanwhile, escalating geopolitical concerns led investors to exercise caution and retreat from riskier investments.
In Abu Dhabi, the share index (.FTFADGI), opens new tab finished flat.
Oil prices - a catalyst for the Gulf's financial markets - climbed in choppy trade as investors weighed the impact of fresh U.S. sanctions on Iranian exports against talks to end the war in Ukraine.
The Qatari index (.QSI), opens new tab dropped 0.8%, hit by a 0.8% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.4%, with Abu Qir Fertilizers and Chemical Industries (ABUK.CA), opens new tab retreating 2.2%.
