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MIDEAST STOCKS-Gulf bourses end mixed on US tariff uncertainty
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MIDEAST STOCKS-Gulf bourses end mixed on US tariff uncertainty
Jul 2, 2025 6:49 AM

By Ateeq Shariff

July 2 (Reuters) - Stock markets in the Gulf ended mixed

on Wednesday as investors monitored global trade developments

ahead of the United States' potential re-imposition of sweeping

tariffs on July 9.

President Donald Trump said on Tuesday he was not thinking

of extending the July 9 deadline for countries to negotiate

trade deals with the U.S., and continued to express doubt that

an agreement could be reached with Japan.

Saudi Arabia's benchmark index edged 0.1% higher,

after two consecutive sessions of losses, helped by 1.7% rise in

Saudi Arabian Mining Company.

The cautious mood dominating the region contributed to mixed

sector performances, said

Joseph Dahrieh, managing principal at Tickmill.

"Investors are awaiting further developments to gain more

clarity, while low oil prices continue to pose a risk, despite a

positive economic outlook," he said.

Among gainers, oil giant Saudi Aramco rose 0.8%.

Oil futures edged up as Iran suspended cooperation with the

U.N. nuclear watchdog and markets weighed expectations of more

supply from major producers next month, while the U.S. dollar

softened further.

Dubai's main share index dropped 0.4%, hit by a

1.3% fall in toll operator Salik Company.

Separately, Dubai commuters may soon have a new way to beat

traffic, as Joby Aviation ( JOBY ) successfully completed the first test

flight of its fully-electric air taxi in the emirate this week -

a significant step toward the city's goal of integrating

airborne transport into its mobility network as early as next

year.

In Abu Dhabi, the index eased 0.1%, while the

Qatari index closed flat.

A report on Tuesday suggested that the U.S. labour market

stayed resilient in May, sharpening the focus on U.S. nonfarm

payrolls figures due on Thursday as investors try to gauge when

the Federal Reserve is likely to cut interest rates next.

Fed Chair Jerome Powell on Tuesday reiterated the U.S.

central bank's plans to "wait and learn more" before lowering

rates.

Outside the Gulf, Egypt's blue-chip index added

0.4%, with Talaat Moustafa Holding rising 0.9%.

SAUDI ARABIA rose 0.1% to 11,130

Abu Dhabi fell 0.1% to 9,920

Dubai dropped 0.4% to 5,669

QATAR finished flat at 10,699

EGYPT added 0.4% to 32,820

BAHRAIN was up 0.3% to 1,950

OMAN added 0.3% to 4,525

KUWAIT declined 0.6% to 9,083

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