Gulf markets trimmed their losses on Monday, with the Saudi stock index erasing earlier declines and turning positive, driven by gains in major stocks such as ACWA Power and Aramco.
Despite a sluggish start, influenced by tariff concerns, the Tadawul index managed to overcome these challenges, closing 1.1% higher.
In contrast, other Gulf bourses saw limited declines, with Qatar and Kuwait exchanges registering drops, while the Muscat bourse also experienced a slight dip.
These movements come amid a broader retreat in global stock markets, still reacting to US President Donald Trump’s recent decision to impose tariff hikes.
The Saudi stock market rose 1.1%, closing at 11,194 points, up 117 points. The market recorded active trading, with total turnover reaching approximately 10.6 billion riyals ($2.8 billion), the highest since December 2024.
Despite a sharp decline of over 400 points earlier in the session, which brought the market to a low of 10,657 points, it successfully recovered to end the day higher. On Sunday, the market had dropped by more than 800 points.
ACWA Power led the gainers, jumping 6.8% to close at 331 riyals. Aramco shares also rose 1%, reaching 25.25 riyals.
Meanwhile, Al Takaful Cooperative saw a 5% increase, closing at 131 riyals, following the company’s announcement of cash dividends for shareholders.
These movements come as markets absorb the shock of the tariff hike, with Gulf financial markets showing mixed performance following sharp declines in reaction to Trump’s decision to raise tariffs.
