(Reuters) – Most stock markets in the Gulf fell in early trade on Thursday amid U.S. tariff uncertainties, although First Abu Dhabi Bank led the Abu Dhabi index higher.
Market anxiety persists as escalating trade tensions spark fears of slowing economic growth, following U.S.
imposition of 25% tariffs on imports from Mexico and Canada, along with additional duties on Chinese goods.
Saudi Arabia’s benchmark index dropped 0.6%, hit by a 1.2% fall in Al Rajhi Bank and a 1.3% decline in the country’s biggest lender Saudi National Bank.
Among other losers, Mouwasat Medical Services plunged 8.3%, as the firm saw a decline in 2024 profit.
Elsewhere, Jabal Omar Development retreated 2.9%, despite reporting a steep rise in annual profit.
However, oil giant Saudi Aramco edged 0.2% higher.
Aramco is in the early stages of considering a potential bid for BP’s lubricant business Castrol, Reuters reported on Wednesday, citing a person with knowledge of the matter.
BP said last week it was reviewing its lubricants business, Castrol, and targeting $20 billion in divestments by 2027.
Dubai’s main share index fell 0.3%, with blue-chip developer Emaar Properties losing 1.1%.
On the other hand, Mashreqbank advanced 1.9%, a day before going ex-dividend.
In Abu Dhabi, the index added 0.1%, helped by a 0.1% increase in First Abu Dhabi Bank.
FAB – the UAE’s biggest lender – is planning to split its operations into four new divisions in a bid to strengthen its business in the Gulf and boost shareholder returns, two sources familiar with the matter said.
Meanwhile, the United Arab Emirates’ gross domestic product (GDP) grew by 3.8% in the first nine months of 2024, the Gulf country’s media office said on Wednesday.
The Qatari benchmark lost 0.4%, with the Gulf’s biggest lender Qatar National Bank falling 0.4%.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)
