Mideast Stocks: Most Gulf markets slip on Trump's automobile tariffs
Most stock markets in the Gulf fell in early trade on Thursday, as investors braced for U.S. President Donald Trump's announcement of new tariffs on imported automobiles, rocking automakers globally.
Trump announced on Wednesday a 25% tariff on imported cars and light trucks starting next week, widening the ongoing trade war that's been fuelling market volatility.
Dubai's main share index dropped 0.2%, hit by a 2.1% fall in MashreqBank and a 0.4% decline in toll operator Salik Company.
In Abu Dhabi, the benchmark index eased 0.1%.
Oil prices - a catalyst for the Gulf's financial markets - edged lower, as markets weighed the impact of Trump's auto tariffs at a time when concerns swirled about global supply due to U.S. tariff threats on buyers of Venezuelan oil and sanctions on Iran's oil clients.
The Qatari index fell 0.4%, with Sharia-compliant lender Masraf Al Rayan declining 3.5%, as the bank traded ex-dividend.
Also, investors in the region cut positions as many prefer to cash in holdings ahead of the Eid holiday, which lasts for a week in Qatar and at least three days in the UAE and other Gulf countries.
Saudi Arabia's benchmark index, however, gained 0.6%, with Al Rajhi Bank rising 1.6% and Alinma Bank jumping 2%.
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