Mideast Stocks: Most Gulf markets gain on US tariff exemptions
The move also excluded the specified electronics from Trump's 10% "baseline" tariffs on goods from most countries other than China, easing import costs for semiconductors from Taiwan and Apple iPhones produced in India.
On Wednesday, Trump had announced a reprieve for levies on dozens of countries, while ratcheting up tariffs on Chinese imports effectively to 145%.
Dubai's main share index advanced 1.8%, led by a 4.7% jump in top lender Emirates NBD and a 3.2% rise in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index climbed 0.9%.
Oil prices - a catalyst for the Gulf's financial markets - rose more than 1% on the U.S. tariff exclusions and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the U.S. and China could weaken global economic growth and dent fuel demand.
The Qatari index added 0.3%, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank. Saudi Arabia's benchmark index, however, finished flat, after two sessions of gains. The Organization of the Petroleum Exporting Countries cut its 2025 global oil demand growth forecast on Monday, citing the impact of data received for the first quarter and U.S. tariffs, and also reduced its global economic growth forecasts for this year and next.
Outside the Gulf, Egypt's blue-chip index ended flat. Meanwhile, Qatar and Egypt agreed to work towards a package of $7.5 billion in direct Qatari investments, according to a joint statement released by the Egyptian president's office on Monday.
Egypt is pushing ahead with efforts to secure funding from Gulf neighbours and foreign partners as it seeks to tackle heavy foreign debts and a gaping budget deficit
SAUDI ARABIA finished flat at 11,597
Abu Dhabi was up 0.9% to 9,237
Dubai advanced 1.8% to 5,056
QATAR increased 0.3% to 10,118
EGYPT finished flat at 31,182
BAHRAIN was up 0.1% to 1,904
OMAN closed flat at 4,276
KUWAIT was down 0.1% to 8,357
(Reporting by Ateeq Shariff in Bengaluru. Editing by Mark Potter)
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