By Ateeq Shariff
March 27 (Reuters) - Most stock markets in the Gulf ended higher on Thursday, reversing early losses, as investors assess the impact of U.S. President Donald Trump's latest tariff announcement.
Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the ongoing trade war that's been fuelling market volatility.
Saudi Arabia's benchmark index .TASI gained 0.5%, with Saudi Arabian Mining Company 1211.SE rising 2.2% and Riyad Bank 1010.SE closing 1.4% higher.
Elsewhere, oil giant Saudi Aramco 2222.SE increased 0.4%.
Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, Reuters reported on Thursday, citing several Indian sources with direct knowledge of the matter.
Dubai's main share index .DFMGI nudged 0.1% higher, helped by a 4.1% jump in Parkin Company PARKIN.DU, which oversees public parking operations in the emirates.
In Abu Dhabi, the index .FTFADGI added 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - were steady as markets assessed the new U.S. tariffs, while concerns about global supply kept prices near one-month highs.
The Qatari index .QSI concluded 0.5% higher, with the Gulf's biggest lender Qatar National Bank QNBK.QA gaining 0.9% and petrochemical maker Industries Qatar IQCD.QA edging up 1.7%.
On the other hand, sharia-compliant lender Masraf Al Rayan MARK.QA slid 3.4%, as the bank traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index .EGX30 rose 0.9%, as most of its constituents were in positive territory including tobacco monopoly Eastern Company EAST.CA, which was up 2.2%.
Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF programme.
SAUDI ARABIA | .TASI rose 0.5% to 12,025 |
Abu Dhabi | .FTFADGI up 0.2% to 9,390 |
Dubai | .DFMGI added 0.1% to 5,120 |
QATAR | .QSI gained 0.5% to 10,233 |
EGYPT | .EGX30 rose 0.9% to 32,026 |
BAHRAIN | .BAX finished flat at 1,951 |
OMAN | .MSX30 fell 0.8% to 4,367 |
KUWAIT | .BKP added 0.1% to 8,675 |
($1 = 50.5200 Egyptian pounds)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)
((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
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