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Dubai Financial Market (DFM) strengthened its gains during the current month's trading
Most stock markets in the Gulf were mixed in early trade on Tuesday, amid investor concerns about the potential impact of U.S. President Trump's tariff plans on global economic growth.
The Trump administration is proceeding with probes into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors on grounds that extensive reliance on foreign production of medicine and chips is a national security threat, Federal Register filings on Monday showed.
Trump has made use of tariffs a central plank of his administration's economic and national security policies, rolling out a series of aggressive levies against trading partners that economists estimate have lifted the average import duty to around 25% from just 2.5% in matter of months.
Dubai's main share index eased 0.2%, hit by a 1.7% slide in top lender Emirates NBD and a 0.8% decrease in Sharia-compliant lender Dubai Islamic Bank.
In Abu Dhbai, the index eased 0.1%.
Saudi Arabia's benchmark index added 0.2%, with Al Rajhi Bank gaining 0.7% and Saudi Arabian Mining increasing 0.3%.
Meanwhile, Trump said on Monday he was considering a modification to the 25% tariffs imposed on foreign auto and auto parts imports from Mexico, Canada and other places.
The Qatari index rose 0.2%, led by a 1.8% gain in telecoms firm Ooredoo.
Oil prices - a catalyst for the Gulf's financial markets -inched higher, supported by new tariff exemptions floated by Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)