Most Gulf stocks slip on U.S. tariff worries; Egypt at record high
Sentiment soured after the Financial Times reported on Friday that U.S. President Donald Trump is pushing for a minimum tariff of 15% to 20% in any deal with the European Union, with the administration now considering reciprocal tariffs exceeding 10%, even if an agreement is reached. Trump's imposition of tariffs around the world risks hurting global economic growth and oil consumption.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, surrendering early gains and extending its losing streak to nine sessions, the longest stretch in nearly two years, hit by broad sector declines.
Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets, fell 0.8%, and Saudi Arabian Mining Company (1211.SE), opens new tab declined 1.3% following the voluntary retirement of its chief financial officer.
Among other fallers, Fawaz AbdulAziz Al Hokair & Co (4240.SE), opens new tab gave up early gains to end 10% lower, the top loser on the index.
The retail and real estate firm sold a 49.95% stake to Emirati conglomerate Al Futtaim Retail in a deal worth over 2.5 billion riyals ($666.52 million).
Qatar's stock index (.QSI), opens new tab added 0.2%, nearing a two-year peak, led by a 1.2% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, hitting a record high as most sectors advanced, driven by optimism over the country's International Monetary Fund programme.
Finance Minister Ahmed Kouchouk said on Wednesday he was confident the country would hit its key economic reform targets and complete a delayed review of its $8 billion IMF programme by September or October.
Market sentiment was further bolstered by the oversubscribed Bonyan Development and Trade (BONY.CA), opens new tab IPO, which was covered more than 33 times.
Bloomberg News reported that Egypt is planning $4 billion in international bonds over the next year.
Reuters could not immediately verify the news.
($1 = 3.7508 riyals)
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