Gulf markets end mixed on Trump’s tariff threats

Traders monitor screens displaying stock information at Qatar Stock Exchange in Doha

Feb 19 (Reuters) – Stock markets in the Gulf ended mixed on Wednesday as investors exercised caution following U.S. President Donald Trump’s latest tariff threats on auto, semiconductor and pharmaceutical imports.

Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.

Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.

Saudi Arabia’s benchmark index

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eased 0.1%, hit by a 1.1% fall in ACWA Power Company

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ACWA plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer Engie , the companies said in a joint statement on Wednesday.

Among other decliners, SAL Saudi Logistics Services Company

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dived about 8% – to become the top loser in the index – following a drop in its fourth-quarter profit.

The cargo firm also slashed its fourth-quarter cash dividend to 1.33 riyals apiece.

Dubai’s main share index

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gained 0.3%, helped by a 1.1% rise in blue-chip developer Emaar Properties

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In Abu Dhabi, the index

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finished 0.3% lower.

Meanwhile, oil prices edged up, buoyed by concern over oil supply disruptions in Russia and the U.S. while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.

The Qatari index

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added 0.1%, helped by a 0.9% rise in the Gulf’s biggest lender Qatar National Bank

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Outside the Gulf, Egypt’s blue-chip index

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closed 0.9% higher, with Commercial International Bank

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rising 0.9%, following an increase in annual profit.

($1 = 3.7503 riyals)

Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber

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