Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from U.S. President Donald Trump.
Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals.
He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries.
The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.
In the UAE, Dubai’s main index (.DFMGI) gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp (EMPOWER.DU).
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 (.FTFADGI) added 0.4%, posting its sixth straight session of gains. Abu Dhabi National Insurance Co (ADNIC.AD) advanced 6.4% following regulatory approval to open a branch in India.
Saudi Arabia’s benchmark index (.TASI) eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power (2082.SE) and a 0.9% decrease in oil giant Saudi Aramco (2222.SE).
Qatar’s benchmark index (.QSI) closed flat.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) – which traded after a session’s break – finished 0.4% higher, with Commercial International Bank (COMI.CA) rising 0.6%.
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 centre in Cairo.
