Mideast Stocks: Most Gulf markets in red on tariff war worries
Most stock markets in the Gulf ended lower on Thursday amid U.S. tariff uncertainties, although First Abu Dhabi Bank drove the Abu Dhabi index higher. Market anxiety persisted with escalating trade tensions spark fears of slowing economic growth, following U.S. imposition of 25% tariffs on imports from Mexico and Canada, along with additional duties on Chinese goods.
Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 2.3% fall in Saudi Telecom Company, while oil giant Saudi Aramco retreated 1.1%. Aramco is in the early stages of considering a potential bid for BP's lubricant business Castrol, Reuters reported on Wednesday, citing a person with knowledge of the matter.
On Tuesday, Aramco reported a drop in annual profit and signalled it will slash its dividend payouts by nearly a third this year to $85.4 billion. Among other losers, Mouwasat Medical Services plunged 9.3%, as the firm saw a decline in 2024 profit. The Saudi index posted its second weekly loss of 2.5%.
Dubai's main share index closed 0.7% lower, with blue-chip developer Emaar Properties losing 1.8%. However, Mashreqbank climbed 1.5%, a day before going ex-dividend. The Dubai bourse moved lower, continuing its sideways movement amid uncertainty around current levels.
Most sectors performed negatively, particularly the real estate and financial sectors, said Hani Abuagla Senior Market Analyst at XTB MENA.
In Abu Dhabi, the index nudged 0.1% higher, helped by a 0.8% gain in the country's biggest lender First Abu Dhabi Bank (FAB). FAB is planning to split its operations into four new divisions in a bid to strengthen its business in the Gulf and boost shareholder returns, two sources familiar with the matter said.
Outside the Gulf, Egypt's blue-chip index added 0.2%, with EFG Holding advancing 4.2%.
Egypt's inflation rate is forecast to have tumbled to 14.5% in February, as the exceptionally high price increases of the last two years are no longer reflected in the statistics, according to a poll released on Wednesday.
SAUDI ARABIA lost 0.7% to 11,811
Abu Dhabi up 0.1% to 9,562
Dubai fell 0.7% to 5,274
QATAR added 0.2% to 10,514
EGYPT rose 0.2% to 30,947
BAHRAIN eased 0.1% to 1,974
OMAN down 0.3% to 4,396
KUWAIT fell 0.6% to 8,664
(Reporting by Ateeq Shariff in Bengaluru; Editing by Tasim Zahid)
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