6 days ago
Gulf markets show mixed reaction to Trump's tariffs
July 10 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Thursday, as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth.
Trump escalated his tariff campaign on Wednesday, announcing a 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both effective on August 1.
Trump also issued tariff notices for seven minor trading partners, adding to 14 others issued earlier in the week, including 25% levies on imports from South Korea and Japan, set to take effect on August 1 unless agreements are reached.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, supported by a 1.2% gain in Saudi National Bank ( opens new tab, the kingdom's largest lender by assets.
However, oil giant Saudi Aramco ( opens new tab slipped 0.1%.
Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S. company's proposed facility in Cameron, Louisiana, as it seeks to strengthen its position in the market for the fuel, Reuters reported on Wednesday.
Dubai's main share index (.DFMGI), opens new tab added 0.1%, with Gulf Navigation ( opens new tab advancing 3.3%.
Elsewhere, Drake & Scull International ( opens new tab jumped more than 10%. Earlier this week, the contracting company launched its first self-owned commercial project in Dubai.
In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.2%.
By contrast, Abu Dhabi Ports Company ( opens new tab advanced 2.9% after AD Ports Group launched Gulflink JV operations with Kazakhstan Railway.
The Qatari index (.QSI), opens new tab eased 0.2%, hit by a 1.2% fall in Commercial Bank ( opens new tab.
