Gulf stocks steady as investors await clarity on US trade policies
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 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 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.
Most Gulf markets close higher shrugging off Trump's tariff news
Dubai's index edged 0.1% lower, easing from a 17-year high, with leading lender Emirates NBD declining 0.6%.
In contrast, Drake & Scull International jumped around 9%. Earlier this week, the contractor launched its first self-owned commercial project in Dubai.
Abu Dhabi's index 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 and Presight AI gained 3.3% and 7.3% respectively, mirroring global peers in riding optimism after AI chip giant Nvidia became the first company in history to reach a $4 trillion valuation.
The Qatar stock index finished flat as gains in industrial shares were offset by losses in the banking sector.
Outside the Gulf, Egypt's blue-chip index gained 0.5%, with Commercial International Bank 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.
----------------------------------------- SAUDI ARABIA finished flat at 11,277 Abu Dhabi was flat at 10,048 Dubai eased 0.1% to 5,830 QATAR closed flat at 10,827 EGYPT gained 0.5% to 33,324 BAHRAIN eased 0.1% to 1,961 OMAN added0.1% to 4,603 KUWAIT gained 0.9% to 9,351 -----------------------------------------
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