Muscat: The U.S. Supreme Court on Friday overturned the tariffs, which had been introduced under a national emergency law. However, in a swift response on Saturday, Trump announced a temporary hike in U.S. import tariffs globally, raising rates from 10 per cent to 15 per cent. Despite the mixed signals, regional investors appeared encouraged by the court’s decision and improving geopolitical sentiment.
Investor confidence was further supported by preparations for a third round of nuclear talks between the United States and Iran, easing concerns over potential regional escalation.
In Saudi Arabia, the benchmark Tadawul All Share Index edged up 0.2 per cent, recovering modestly from nearly a 2 per cent drop in the previous session. Banking stocks led gains, with Al Rajhi Bank, the world’s largest Islamic lender, climbing over 1 per cent after suffering a sharp 2.9 per cent fall on Thursday, its worst decline in nearly five months.
Energy heavyweight Saudi Aramco slipped 0.1 per cent. Trade sources indicated that the company had sold several shipments of ultra-light crude oil from its $100 billion Jafurah gas plant to U.S. firms and an Indian refiner, ahead of its first export later this month.
Dubai’s main share index surged 1.3 per cent in a broad-based rally. Blue-chip developer Emaar Properties advanced 2.1 per cent, while Emirates NBD Bank rose 1.8 per cent, reflecting strong investor appetite for banking and property stocks.
Emirates Central Cooling Systems Corporation climbed 2.3 per cent after announcing the award of a contract to design its fifth district cooling plant in Dubai’s Business Bay area.
In Abu Dhabi, the benchmark index gained 0.5 per cent, supported by a 1.2 per cent rise in Abu Dhabi Commercial Bank shares.
Qatar’s index also rose 0.5 per cent, driven largely by banking stocks. Qatar National Bank, the region’s largest lender, added nearly 1 per cent in early trade.