Gulf markets plunged on Sunday, mirroring a global sell-off triggered by fresh US tariffs. Saudi Arabia’s Tadawul All Share Index dropped 6.78 percent during trading, while Qatar’s QE Index fell 4.23 percent. Kuwait’s Premier Market Index was down 5.69 percent.
The decline is largely attributed to the US President Donald Trump’s announcement of a 10 percent reciprocal tariff on Gulf imports, effective April 5. This move has raised concerns about rising import costs for US-sourced goods, particularly in sectors like construction and electronics.
Oil prices add to the pressure, having plunged 7 percent on Friday after China retaliated with 34 percent tariffs on all American goods, effective April 10. While oil imports are exempt from the new tariffs, Saudi oil giant Aramco still experienced a dip in market value during Sunday’s trading session.
Gaby Tchennozian, chief investment officer at a Dubai-based family office, warned that global market turbulence will persist for the next 2-3 months due to continued uncertainty. He suggested that Gulf governments must act swiftly and decisively to reassure investors and safeguard their economies.
Key points:
* Gulf markets plummeted on Sunday, mirroring a global sell-off triggered by US tariffs.
* Saudi Arabia’s Tadawul All Share Index dropped 6.78 percent during trading.
* Qatar’s QE Index fell 4.23 percent, while Kuwait’s Premier Market Index was down 5.69 percent.
* Oil prices plunged 7 percent on Friday after China retaliated with 34 percent tariffs on all American goods.
* Gulf governments must act swiftly and decisively to reassure investors and safeguard their economies.
Source: https://www.arabnews.com/node/2596091/business-economy