Major stock exchanges in the Gulf surged in the early trade on Monday, following the global counterparts after the US Supreme Court ruled to import levies imposed by President Donald Trump.
The US Supreme Court ruled on Friday to reverse the tariffs, which had initiated under a law intended for national emergencies. The ruling was impactful for global trade dynamics.
Trump replied on Saturday by declaring a temporary tariff hike on US imports internationally, increasing the rates from 10 percent to 15 percent.
The sentiment among investors was favorable, as the course of the third round of nuclear negotiations between the United States and Iran was being prepared, preventing the possibility of an increase in tensions in the region.
Saudi Arabia’s benchmark index had improved marginally by 0.2 percent after falling by almost 2 percent in the last session. The largest Islamic lender in the world, Al Rajhi Bank, surged more than 1 percent, and was recovering some of its losses after dropping by 2.9 percent on Thursday, its worst day performance in almost five months.
Dubai’s main share index soared 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 was up 2.3 percent after it announced that it had been awarded a contract to design its fifth district cooling plant in the Business Bay in Dubai. The index increased in Abu Dhabi by 0.5 percent, boosted by a 1.2 percent growth in Abu Dhabi Commercial Bank.
Qatar’s index reported that it gained 0.5 percent, propelled by banking shares, including a nearly 1 percent uptick in Qatar National Bank, the region’s biggest lender.
