By Amna Mariyam
Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from U.S. President Donald Trump.
Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals.
He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries.
The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.
In the UAE, Dubai's main index DFM:DFMGI gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp DFM:EMPOWER.
Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform.
The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport.
Abu Dhabi index ADX:FADGI added 0.4% posting its sixth straight session of gains. Abu Dhabi National Insurance Co ADX:ADNIC advanced 6.4% following regulatory approval to open a branch in India.
Saudi Arabia's benchmark index TADAWUL:TASI eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power TADAWUL:2082 and a 0.9% decrease in oil giant Saudi Aramco TADAWUL:2222.
Qatar's benchmark index QSE:GNRI closed flat.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 - which traded after a session's break - finished 0.4% higher, with Commercial International Bank EGX:COMI rising 0.6% higher.
Egypt's stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data centre in Cairo.
SAUDI ARABIA
TADAWUL:TASI eased 0.1% to 11,278
Abu Dhabi
ADX:FADGI rose 0.4% to 10,049
Dubai
DFM:DFMGI gained 0.7% to 5,834
QATAR
QSE:GNRI finished flat at 10,834
EGYPT
EGX:EGX30 added 0.4% to 33,152
BAHRAIN
BAHRAIN:BHBX was up 0.1% to 1,964
OMAN
(.MSX30) climbed 0.9% to 4,597
KUWAIT
(.BKP) increased 0.6% to 9,269