Most Gulf markets close higher shrugging off Trump's tariff news
Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals.
He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries.
The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.
In the UAE, Dubai's main index gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp.
Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform.
The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport.
Abu Dhabi index added 0.4% posting its sixth straight session of gains. Abu Dhabi National Insurance Co advanced 6.4% following regulatory approval to open a branch in India.
Gulf stocks mixed on US tariff uncertainty
Saudi Arabia's benchmark index eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power and a 0.9% decrease in oil giant Saudi Aramco.
Qatar's benchmark index closed flat.
Outside the Gulf, Egypt's blue-chip index - which traded after a session's break - finished 0.4% higher, with Commercial International Bank rising 0.6% higher.
Egypt's stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data centre in Cairo.
----------------------------------------- SAUDI ARABIA eased 0.1% to 11,278 Abu Dhabi rose 0.4% to 10,049 Dubai gained 0.7% to 5,834 QATAR finished flat at 10,834 EGYPT added 0.4% to 33,152 BAHRAIN was up 0.1% to 1,964 OMAN climbed 0.9% to 4,597 KUWAIT increased 0.6% to 9,269 -----------------------------------------
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