Mideast Stocks: Major Gulf Markets Mixed As Traders Ponder Tariff Outlook

Major stock markets in the Gulf were mixed in early trade on Wednesday in line with Asian shares, as the latest tariff threats from U.S. President Donald Trump unsettled markets.

Trump said on Tuesday he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.

One day after he pressured 14 trading partners, including powerhouse U.S. suppliers like South Korea and Japan, with fresh tariff letters, Trump reiterated his threat of 10% tariffs on products from Brazil, India and other members of the BRICS group of countries.

The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.

Saudi Arabia's benchmark index eased 0.1%, with ACWA Power Company losing 2.1% and Alinma Bank retreating 1.1%.

Separately, petrochemical maker Saudi Basic Industries Corp (SABIC) said on Wednesday it was studying strategic options for its National Industrial Gases Company, including an initial public offering, amid a broad review of its business.

SABIC shares were up 0.2%.

Oil prices - a catalyst for the Gulf's financial markets - edged lower after rising to two-week highs in the previous session, weighed down by investors waiting for clarity on new U.S. tariffs and expectations of rising crude inventories in the United States.

Dubai's main share index added 0.3%, helped by a 3.6% rise in Emirates Central Cooling Systems Corp.

In Abu Dhabi, the index inched 0.1% higher.

The Qatari index lost 0.1%, with the Gulf's biggest lender Qatar National Bank falling 0.3%, ahead of its earnings announcement.