LONDON: Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by the latest tariff threats from US President Donald Trump.
Trump ramped up his trade offensive on Tuesday, announcing a 50 percent tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10 percent tariffs on imports from Brazil, India, and other BRICS countries.
Saudi Arabia’s benchmark index eased 0.1 percent, dragged down by a 3.1 percent slide in utilities heavyweight ACWA Power and a 0.9 percent decrease in oil giant Saudi Aramco.
In the UAE, Dubai’s main index gained 0.7 percent, hitting a fresh 17-year high, lifted by a 3.6 percent rise in Emirates Central Cooling Systems Corp.
Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform.
The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport.
Abu Dhabi index added 0.4 percent, posting its sixth straight session of gains.
Abu Dhabi National Insurance Co. advanced 6.4 percent following regulatory approval to open a branch in India.
Qatar’s benchmark index closed flat.
Outside the Gulf, Egypt’s blue-chip index, which traded after a session’s break, finished 0.4 percent higher, with Commercial International Bank rising 0.6 percent higher.
Egypt’s stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms’ ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data center in Cairo.
