Major stock markets in the Gulf rose in early trade on Wednesday, regaining some ground after recent losses sparked by global trade war and economic concerns. 

But caution prevailed, as U.S.> President Donald Trump ratcheted up duties on Chinese imports to 104% and accused Beijing of manipulating the yuan to offset levies. China refused to bow to what it called a blackmail, vowing to "fight to the end".

Trump's wide-ranging, country-specific tariffs took effect at 0401 GMT.

Saudi Arabia's benchmark index gained 0.4%, with Saudi Arabian Mining Company (Ma'aden) rising 2.2%.

Ma'aden is considering choosing at least one of four foreign firms to form a rare earths processing partnership, Reuters reported on Tuesday, citing three sources with knowledge of the matter, as the kingdom bids to become a global critical minerals hub.

Dubai's main share index added 0.2%, helped by a 2% rise in sharia-compliant lender Dubai Islamic Bank and a 0.9% increase in blue-chip developer Emaar Properties .

Oil prices - a catalyst for the Gulf's financial markets - dropped to their lowest in more than four years on worries that the escalating tariff war between the U.S. and China, the world's two biggest economies, would curb economic growth and fuel demand.

In Abu Dhabi, the index advanced 0.9%.

The Qatari benchmark was up 0.4%, led by a 1.4% gain in the Gulf's biggest lender Qatar National Bank ahead of its earnings announcement.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kim Coghill)


Reuters