MIDEAST STOCKS-Most Gulf markets end higher on potential US tariff exemptions

ALRAJHI -0.92%
STC -1.26%

ALRAJHI

1120.SA

0.00

STC

7010.SA

0.00

By Ateeq Shariff

- Most stock markets in the Gulf ended higher on Tuesday after U.S. President Donald Trump suggested he might grant exemptions on auto-related levies already in place.

Trump said on Monday he was considering a modification to the 25% tariffs on auto and auto parts imports from Mexico, Canada and other places. He said car companies "need a little bit of time because they're going to make 'em here."

The U.S. recently exempted smartphones, computers and certain electronics from Trump's "reciprocal" tariffs, but probes into semiconductor imports have intensified, with Trump set to announce tariff rates soon.

Saudi Arabia's benchmark index .TASI rose 0.2%, with Al Rajhi Bank 1120.SE rising 0.5% and telecoms firm Saudi Telecom Company 7010.SE increasing 2.3%.

The market has solid fundamentals conducive to recovery should sentiment improve, although trade tensions and low oil prices persist as notable risks, said Milad Azar, market analyst at XTB MENA.

Dubai's main share index .DFMGI closed 0.4% higher, with blue-chip developer Emaar Properties EMAR.DU advancing 2.1%.

In Abu Dhabi, the index .FTFADGI added 0.6%.

Oil prices — a catalyst for the Gulf's financial markets — inched down after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by Trump's suggestion of new tariff exemptions.

The Qatari index .QSI climbed 0.7%, led by a 1.3% gain in Qatar Islamic Bank QISB.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 closed flat.

Egypt's central bank is expected to cut overnight interest rates by 200 basis points on Thursday, but analysts say tariff uncertainty is likely to make it cautious despite plunging Egyptian inflation, a Reuters poll shows.



SAUDI ARABIA

.TASI added 0.2% to 11,617

Abu Dhabi

.FTFADGI rose 0.6% to 9,290

Dubai

.DFMGI gained 0.4% to 5,078

QATAR

.QSI was up 0.7% to 10,213

EGYPT

.EGX30 was flat at 31,185

BAHRAIN

.BAX eased 0.1% to 1,903

OMAN

.MSX30 closed flat at 4,278

KUWAIT

.BKP finished flat at 8,358



(Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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