Major Gulf bourses subdued on US tariff uncertainty
Although Trump spared Gulf economies, he had earlier announced plans to impose an additional 10% tariff on countries aligning with the "anti-American policies" of the BRICS bloc, which includes the UAE. Saudi Arabia attended a BRICS meeting in April, but isn't a member.
Oil prices - a catalyst for the Gulf's financial markets - retreated from a 2% rise in the previous session on tariff concerns and the OPEC+ announcing a higher-than-expected output hike for August.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 0.8% fall in ACWA Power Company (2082.SE), opens new tab and a 1.1% drop in Umm Al Qura for Development and Construction Co (4325.SE), opens new tab.
Dubai's main share index (.DFMGI), opens new tab fell 0.6% - a day after it hit its highest in over 17 years - with blue-chip developer Emaar Properties (EMAR.DU), opens new tab declining 1.1% and a sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab losing 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was flat.
The Qatari benchmark (.QSI), opens new tab added 0.4%, with Qatar Islamic Bank (QISB.QA), opens new tab climbing 1% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab gaining 1%.
Meanwhile, Egypt's stock exchange said it had suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, a day after a fire broke out in a telecoms data centre in Cairo.
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