Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation. U.S. President Donald Trump's eye-watering 104% tariffs on China came into effect on Wednesday, prompting a swift retaliation from Beijing in the form of duties of 84% on U.S. imports.

Trump's punishing tariffs — which he says aim to end U.S. trade deficits with many countries — have upended a global trading order in place for decades, raising fears of recession and wiping trillions of dollars off the market value of major firms.

Saudi Arabia's benchmark index declined 1.8%, ending two sessions of gains, dragged down by a 1.8% slide in Al Rajhi Bank and a 3.4% decrease in ACWA Power Company . Elsewhere, oil giant Saudi Aramco fell 0.2%. Oil prices — a catalyst for the Gulf's financial markets — plunged to four-year lows after China's fresh retaliatory tariffs.

Dubai's main share index edged 0.1% higher, supported by a 2.3% rise in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index advanced 0.9%, led by a 3.9% jump in Borouge, after the petrochemicals firm announced an increase in dividend to 16.2 fils per share ahead of the launch of Borouge Group International, expected in the first quarter of 2026.

The Qatari index closed 0.1% higher, with Qatar National Bank, the Gulf's biggest lender, gaining 0.8%. Post trading hours, the lender reported a net profit of 4.26 billion riyals ($1.17 billion) for the first quarter, exceeding analysts' expectations.

Outside the Gulf, Egypt's blue-chip index declined 1.9%, as most of its constituents were in negative territory including EFG Holding, which retreated 4.1%.

  • SAUDI ARABIA fell 1.8% to 11,097
  • Abu Dhabi rose 0.9% to 9,066
  • Dubai added 0.1% to 4,893
  • QATAR was up 0.1% to 9,904
  • EGYPT slid 1.9% to 30,080
  • BAHRAIN dropped 0.2% to 1,896
  • OMAN down 0.5% t0 4,241
  • KUWAIT declined 0.7% to 8,244

($1 = 3.6445 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)