Saudi stocks performed the worst in a declining Gulf market yesterday following the latest tariff threat by US President Donald Trump on European Union goods, while Israel’s latest assault on Gaza kept the region on edge.
Trump’s statement on Truth Social on Friday that he is recommending a 50 per cent tariff from June 1 on all EU goods sent global markets roiling.
Saudi Arabia’s benchmark index dropped for a third straight session, falling 1.7pc to 10,999, its lowest level since November 2023 with all sectors in the red. Al Rajhi Bank, the world’s largest Islamic lender, lost 2pc and ACWA Power declined 7.8pc.
Among other losers, Saudi National Bank, the kingdom’s largest lender, dropped 2.8pc and Saudi state oil company, Aramco shed 0.6pc. Saudi Aramco is exploring potential asset sales to free up funds, two sources with knowledge of the matter said on Saturday.
The Qatari benchmark index snapped its six-session winning streak and fell 0.4pc with almost all of its constituents posting losses. Qatar National Bank, the largest bank in the region, slipped 0.9pc and Qatar Gas Transport declined 1.5pc.
However, Commercial Bank advanced 3pc after the lender on Thursday approved a buyback of up to 10pc of bank’s fully paid-up issued shares.
Meanwhile, the region remained on edge as Israeli military strikes killed at least 23 Palestinians across the Gaza Strip yesterday.
Outside the Gulf, Egypt’s blue-chip index was up for a fourth consecutive session, rising 0.2pc with E-Finance for Digital gaining 3.2pc and Palm Hills Development advancing 3.4pc.
The developer, PHD, signed an agreement to develop 1.87 million square metre plot of land in Abu Dhabi.
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