Major stock markets across the Gulf posted gains in early trading on Thursday, buoyed by a rebound in oil prices and renewed optimism surrounding U.S.-China trade negotiations.
Investor sentiment improved after U.S. Treasury Secretary Scott Bessent described current tariffs between the U.S. and China as “unsustainable” and called for reductions before meaningful trade talks could resume. However, Bessent clarified that President Donald Trump would not unilaterally roll back tariffs on Chinese imports.
Separately, a report indicated that the Trump administration is considering exempting carmakers from certain tariffs following sustained pressure from auto industry leaders.
In Saudi Arabia, the benchmark index rose 0.4%, supported by a 0.7% increase in Al Rajhi Bank and a 4.1% surge in shares of Saudi Arabian Mining Company.
Dubai’s main share index edged up 0.3%, lifted by a 2.2% gain in Emirates NBD (ENBD), the emirate’s largest lender. ENBD recently reported a first-quarter net profit of 6.2 billion dirhams ($1.69 billion), well above analysts’ estimates of 5.1 billion dirhams.
Abu Dhabi’s index also saw a 0.7% rise, while Qatar’s benchmark climbed by the same margin. Leading the gains in Doha was telecom operator Ooredoo, which jumped 5.1%.
Oil prices—a key driver for Gulf economies—recovered from a nearly 2% slide in the previous session. Investors continue to monitor the possibility of an OPEC+ output hike, while parsing mixed signals from the White House on tariffs and ongoing nuclear negotiations with Iran.
