MIDEAST STOCKS-Most Gulf markets retreat as global trade war escalates

By Ateeq Shariff

April 9 (Reuters) - Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation.

U.S. President Donald Trump's eye-watering 104% tariffs on China came into effect on Wednesday, prompting a swift retaliation from Beijing in the form of duties of 84% on U.S. imports.

Trump's punishing tariffs — which he says aim to end U.S. trade deficits with many countries — have upended a global trading order in place for decades, raising fears of recession and wiping trillions of dollars off the market value of major firms.

Saudi Arabia's benchmark index .TASI declined 1.8%, ending two sessions of gains, dragged down by a 1.8% slide in Al Rajhi Bank 1120.SE and a 3.4% decrease in ACWA Power Company 2082.SE.

Elsewhere, oil giant Saudi Aramco 2222.SE fell 0.2%.

Oil prices — a catalyst for the Gulf's financial markets — plunged to four-year lows after China's fresh retaliatory tariffs.

Dubai's main share index .DFMGI edged 0.1% higher, supported by a 2.3% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU.

In Abu Dhabi, the index .FTFADGI advanced 0.9%, led by a 3.9% jump in Borouge BOROUGE.AD, after the petrochemicals firm announced an increase in dividend to 16.2 fils per share ahead of the launch of Borouge Group International, expected in the first quarter of 2026.

The Qatari index .QSI closed 0.1% higher, with Qatar National Bank QNBK.QA, the Gulf's biggest lender, gaining 0.8%.

Post trading hours, the lender reported a net profit of 4.26 billion riyals ($1.17 billion) for the first quarter, exceeding analysts' expectations.

Outside the Gulf, Egypt's blue-chip index .EGX30 declined 1.9%, as most of its constituents were in negative territory including EFG Holding HRHO.CA, which retreated 4.1%.

($1 = 3.6445 Qatar riyals)