Major stock markets in the Gulf edged higher on Wednesday, with investors cautious following a flurry of new policies from U.S. President Donald Trump.
Trump said late on Tuesday that his administration was considering imposing a 10% tariff on Chinese goods starting on Feb. 1. He previously said that Mexico and Canada could face tariffs of around 25% from the same date.
Such a move could significantly affect global trade and economic stability, with potential consequences including higher prices for consumers and reduced economic growth.
Trump also vowed duties on European imports, without providing further details.
Saudi Arabia's benchmark index (.TASI) added 0.1% in choppy trade, helped by a 0.2% rise in Al Rajhi Bank (1120.SE).
On the other hand, Saudi Arabian digital security firm Elm Company declined 3.2%, after the firm agreed to acquire business services firm Thiqah from the country's sovereign wealth fund Public Investment Fund in a deal valued at 3.4 billion riyals ($906 million).
Dubai's main share index (.DFMGI) inched 0.2% higher, with top lender Emirates NBD (ENBD.DU) gaining 0.7%.
In Abu Dhabi, the index (.FTFADGI) gained 0.3%.
The Qatari benchmark (.QSI) rose 0.4%, led by a 4.1% jump in Commercial Bank (COMB.QA), after reporting a net profit of 3.03 billion riyals ($832.14 million) for 2024, up from 3.01 billion riyals a year earlier.
Additionally, the bank has proposed a full-year cash dividend of QAR 0.30, representing a nearly 20% rise from the previous year.
($1 = 3.7515 riyals)
($1 = 3.6412 Qatar riyals)
