Mideast Stocks: Saudi bourse outshines Gulf peers as Trump pauses tariffs

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Stock markets in the Gulf ended higher on Thursday led by a strong surge in Saudi Arabia, a day after U.S. President Donald Trump's surprise move to temporarily suspend most of the newly imposed tariffs. Trump announced a 90-day pause on many of his new duties. He, however, raised the tariff rate for China to 125% effective immediately, from the previously announced 104% that took effect earlier on Wednesday.

Saudi Arabia's benchmark index leapt 3.7% - its biggest intraday rise since March 2020 - boosted by a 3.2% rise in Al Rajhi Bank and a 5.5% jump in the country's biggest lender Saudi National Bank.

Saudi Arabia has been hit by the minimum 10% tariff rate, which at present will remain in place. Among other gainers, Saudi Aramco finished 2.6% higher. The oil giant has discovered 14 oil and natural gas fields and reservoirs in the kingdom's Eastern Region and the Empty Quarter, Reuters reported on Wednesday, citing state news agency SPA, containing small volumes.

The Saudi index - which saw its biggest intraday fall on Sunday in nearly five years - posted its worst weekly decline since October, despite the sharp rise.

Dubai's main share index advanced 1.7%, led by a 2.1% gain in blue-chip developer Emaar Properties and a 3.3% leap in utility firm Dubai Electricity and Water Authority. In Abu Dhabi, the index closed 1.3% higher.

The Qatari index was up 1.9%, with the Gulf's biggest lender Qatar National Bank climbing 3.2%. A day earlier, 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 concluded 2.4% higher, as most of its constituents were in positive territory.

Egypt will offer stakes in military-owned companies through its sovereign wealth fund, the cabinet said on Wednesday, seeking to meet the requirements of the International Monetary Fund to expand the private sector's role in the economy.