MIDEAST STOCKS-Most Gulf markets in red on trade war fears from Trump tariffs

By Ateeq Shariff

Feb 3 (Reuters) - Gulf stock markets fell in line with global shares on Monday, as U.S. President Donald Trump's tariffs on Canada, Mexico and China sparked fears of an escalating trade war and its potential impact on global economic growth.

President Trump said on Sunday the sweeping tariffs that he has imposed may cause "short-term" pain for Americans, as global markets reflected concerns the levies could undermine growth and reignite inflation.

Critics say the Republican president's plan to impose 25% tariffs on Canada and Mexico and 10% tariffs on China will slow global growth and drive prices higher for Americans.

Saudi Arabia's benchmark index .TASI dropped 0.3%, hit by a 2.2% fall in ACWA Power Company 2082.SE and a 2.5% decrease in Saudi Awwal Bank 1060.SE, despite reporting a rise in annual profit.

On the other hand, Basma Adeem Medical 9626.SE - which is into dentistry and dermatology services - surged 30% in its market debut on Saudi Exchange's parallel market, Nomu.

During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.

The Qatari index .QSI finished 0.6% lower, weighed down by a 3.7% slide in petrochemical maker Industries Qatar IQCD.QA on lower fourth-quarter profit.

The company reported a 32% plunge in its profit to 1 billion riyals ($274.33 million), and slashed its annual dividend by 5%.

In Abu Dhabi, the index .FTFADGI eased 0.1%.

Dubai's main share index .DFMGI, however, gave up early losses to conclude 0.1% higher, helped by a 1.4% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU.

Outside the Gulf, Egypt's blue-chip index .EGX30 was down 0.6%, with Fawry for Banking Technology and Electronic Payment FWRY.CA retreating 1.7%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))