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MIDEAST STOCKS-Most Gulf markets gain after OPEC+ output boost, eye US tariff deadline
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MIDEAST STOCKS-Most Gulf markets gain after OPEC+ output boost, eye US tariff deadline
Jul 6, 2025 6:18 AM

By Amna Mariyam

July 6 (Reuters) - Most Gulf stock markets ended higher

on Sunday as investors looked ahead to U.S. 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% higher, driven by a 5.8% 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 0.4%. Aramco is looking

to sell up to five gas-fired power plants, Reuters reported on

Sunday, citing three sources with knowledge of the matter, part

of a broader effort to free up funds that could generate tens of

billions of dollars.

Qatar's stock index lost 0.1%, weighed down by a 1.6%

fall in Qatar Navigation.

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 U.S. strikes on Iran.

Investors also grappled with concerns following U.S.

President Donald Trump's signing of massive tax and spending

cuts on Friday, which is expected to increase U.S. debt by $3.4

trillion over a decade, stoking fears of inflation and interest

rate volatility.

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

0.3%, helped by a 3% gain in electronic payment provider Fawry

.

** The Bahrain Bourse was closed for a public holiday

SAUDI ARABIA added 0.6% to 11,316

QATAR eased 0.1% to 10,752

EGYPT added 0.3% to 32,914

OMAN gained 0.3% to 4,565

KUWAIT increased 0.3% to 9,144

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