BANGALORE: Major Gulf stock markets rose in early trade on Monday, tracking global peers after the US Supreme Court struck down import levies imposed by President Donald Trump.
The US Supreme Court ruled on Friday to overturn the tariffs, which Trump had implemented under a law intended for national emergencies, a decision seen as impactful for global trade dynamics.
On Saturday, Trump responded by announcing a temporary tariff hike on US imports globally, raising rates from 10 percent to 15 percent.
Investor sentiment was also supported by preparations for a third round of nuclear talks between the United States and Iran, easing concerns about a potential escalation in regional tensions.
Saudi Arabia’s benchmark index edged up 0.2 percent, recovering slightly from a near 2 percent drop in the previous session. Al Rajhi Bank, the world’s largest Islamic lender, gained over 1 percent, reversing some losses after a sharp 2.9 percent decline on Thursday, its worst in nearly five months.
Dubai’s main share index climbed 1.3 percent in a broad-based rally, led by a 2.1 percent gain in blue-chip developer Emaar Properties and a 1.8 percent leap in Emirates NBD Bank .
Emirates Central Cooling Systems Corporation climbed 2.3 percent after announcing a contract award for the design of its fifth district cooling plant in Dubai’s Business Bay.
In Abu Dhabi, the index rose 0.5 percent, buoyed by a 1.2 percent increase in Abu Dhabi Commercial Bank.
Qatar’s index also gained 0.5 percent, driven by banking shares, including a nearly 1 percent uptick in Qatar National Bank , the region’s largest lender.
