Most Gulf stock markets ended higher yesterday as investors looked ahead to US tariff decisions due later this week and took stock of Opec+’s move to raise oil production output next month.
Market participants are closely watching Washington, where a 90-day suspension of punitive import tariffs expires on Wednesday. An extension of the suspension could support risk sentiment, while renewed trade tension might dampen appetite for riskier assets.
Saudi Arabia’s benchmark index traded in a narrow range before closing 0.6 per cent higher, driven by an 8pc rally in utilities heavyweight Acwa Power.
Acwa Power has signed initial agreements with Indonesia’s sovereign wealth fund and state energy firm Pertamina to explore renewable energy projects potentially worth up to $10 billion.
Oil giant Saudi Aramco rose 0.4pc. Aramco is looking to sell up to five gas-fired power plants, Reuters reported on Sunday, part of a broader effort to free up funds that could generate tens of billions of dollars.
Qatar’s stock index lost 0.1pc, weighed down by a 1.6pc fall in Qatar Navigation.
The Bahrain Bourse was closed for a public holiday.
Amid a cautious market backdrop, the Opec+ group agreed on Saturday to raise output by 548,000 barrels per day in August, accelerating supply amid recent oil price volatility after Israeli and US strikes on Iran.
Investors also grappled with concerns following US President Donald Trump’s signing of massive tax and spending cuts on Friday, which is expected to increase US debt by $3.4 trillion over a decade, stoking fears of inflation and interest rate volatility.
&uuid=(email))