Most major stock markets in the Gulf fell in early trading on Tuesday as ongoing global uncertainty surrounding US President Donald Trump’s plans to impose import tariffs kept investors on edge.
Since taking office last month, Trump has imposed a 10% tariff on imports from China and announced plans to impose a 25% tariff on goods from Mexico and non-energy imports from Canada, although that has been delayed. Trump has also set a date for imposing 25% tariffs on imported steel and aluminium and is considering reciprocal tariffs on countries that tax US imports, reported by Reuters.
Dubai’s main share index
Dubai’s main share index (.DFMGI) fell 0.5%, with pay-TV operator Salik Company (SALIK.DU) down 2.6%, after four sessions of gains. Salik last week reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, compared with 1.10 billion dirhams a year earlier. In Abu Dhabi, the index (.FTFADGI) fell 0.1%. Saudi Arabia’s benchmark index (.TASI) rose 0.3%, led by a 3.1% gain in the country’s largest lender, the National Bank of Saudi Arabia (1180.SE).
OPEC+ group of oil producers
Other gains included Mobile Telecommunications Company (7030.SE), which rose 7%. Despite reporting a drop in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
Meanwhile, the OPEC+ group of oil producers is considering delaying a series of monthly supply increases due to start in April despite Trump’s calls to lower prices. The Qatar Index (.QSI) fell 0.5%, with the Gulf’s largest lender, National Bank of Qatar (QNBK.QA), down 0.4% and petrochemical producer Industries Qatar (IQCD.QA) down 0.8%.