Most major stock markets in the Gulf were subdued on Monday due to uncertainty surrounding US trade policy, although the Saudi Arabian bourse bucked the trend, rising on strong gains from real estate companies, reports Reuters.
US President Donald Trump reaffirmed his commitment to enforcing tariffs, with a recent dispute with Colombia centered on migration-related issues that prompted Trump to threaten the country with tariffs and sanctions. The move sent a clear signal that the US would not hesitate to act to protect its interests.
In Qatar, the index was flat. Dubai's main share index eased 0.1 per cent, hit by a 2.1 per cent fall in Emaar Development. The Abu Dhabi index lost 0.1 per cent.
Oil prices - a catalyst for the Gulf's financial markets -slipped after President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost US oil and gas output in his first week in office.
Saudi Arabia's benchmark index, however, gained 0.4 per cent, led by a 10 per cent surge in Jabal Omar Development Company and a 9.8 per cent jump in Makkah Construction and Development Company.
The kingdom's Capital Market Authority (CMA) said foreign investors will be permitted to invest in Saudi-listed real estate companies operating in Mecca and Medina from Jan. 27.
Meanwhile, Italy has signed
cooperation and industrial agreements worth around $10 billion with Saudi Arabia as part of a strengthened strategic partnership, Italian
Prime Minister Giorgia Meloni said on Sunday.
Most Gulf markets in red amid US trade worries; Saudi gains
FE Team | Published: January 27, 2025 23:40:04
Most Gulf markets in red amid US trade worries; Saudi gains
Share if you like