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Gains for Gulf markets ahead of US tariff deadline

The major Gulf stock markets were up slightly on Monday morning as investors waited for clarity about the next tariffs from U.S. president Donald Trump amid increased geopolitical tensions in the region.

Trump's reciprocal duties, which are due to go into effect on April 2, will likely fuel inflation and stunt the economy. Trump said on Friday there could be some flexibility with tariffs. This would potentially reduce their impact.

Saudi Arabia's benchmark stock index rose 0.1% thanks to a 1.3% increase in Saudi Arabian Mining Company.

Umm Al Qura for Development and Construction, on the other hand, soared by 30% in its first trading day - which is the maximum daily limit for newly listed stocks within their first three trading days - to reach 19.5 riyals.

Dubai's main stock index rose 0.1%. Toll operator Salik gained 1% and utility company Dubai Electricity and Water Authority gained 2.6%.

Investors have also retreated from more risky investments due to escalating geopolitical worries.

Five people were killed in an Israeli airstrike on a Gaza hospital Sunday, including a Hamas leader. Palestinian medics confirmed the attack, which Israel said was aimed at a prominent militant.

Gazans are once again fleeing their homes after Israel abandoned the ceasefire and launched a full-scale air and ground offensive against Hamas on Tuesday.

The index in Abu Dhabi rose by 0.1%.

Investors weighed up the impact of new U.S. sanctions against Iranian exports and the ceasefire talks to end the Russia-Ukraine conflict, which could result in an increase in Russian supply to global markets.

Qatar Navigation increased 1.6%, while the Qatari index rose 0.2%.

(source: Reuters)