Major Gulf markets gain on US trade deals progress

Major stock markets in the Gulf edged higher in early trade on Monday after U.S. President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries.

The U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday. The new rates are set to take effect from August 1.

Saudi Arabia's benchmark index TASI added 0.3%, helped by a 0.6% gain in Al Rajhi Bank 1120 and a 3% jump in ACWA Power Company 2082.

ACWA Power signed initial agreements to explore investment opportunities into renewable energy projects with sovereign wealth fund Danantara Indonesia and state energy firm Pertamina, according to a statement from Danantara.

Meanwhile, oil prices slipped after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations.

Dubai's main share index DFMGI gained 0.7%, led by a 1.5% rise in sharia-compliant lender Dubai Islamic Bank DIB and a 1.3% increase in top lender Emirates NBD EMIRATESNBD.

In Abu Dhabi, the index FADGI was up 0.3%.

The Qatari index GNRI firmed 0.2%, with petrochemical maker Industries Qatar IQCD trading 0.4% higher.