Most Gulf markets gain as investors weigh prospects for US-Iran talks

Most Gulf stock markets ended higher on Tuesday as investors assessed possible U. S. -Iran talks, while strong corporate earnings provided additional support. Markets across the region had rallied in the previous session after U. S. President Donald Trump said on Sunday he was postponing further strikes on Iran as talks continued on ending their conflict and resolving issues surrounding the strategic Strait of Hormuz. U. S. Treasury Secretary Bessent said on Tuesday that an agreement to reopen the strait could be reached as early as Tuesday or Wednesday. Saudi Arabia’s benchmark index rose 0. 4%, with the country’s biggest lender Saudi National Bank rising 2. 2%. However, oil major Saudi Aramco gave up early gains to finish 0. 4% lower, despite reporting a 44% increase in second-quarter net profit. The world’s top oil exporter posted net profit of $32. 69 billion in the three months ended June 30, compared with $22. 67 billion a year earlier. Front-month Brent futures were down $3. 11, or 3. 71%, to $80. 66 a barrel at 1159 GMT, after hitting a session high of $86. 33. Dubai’s main share index advanced 1. 8%, its biggest one-day gain since June 18, with blue-chip developer Emaar Properties jumping 6. 5%. In Abu Dhabi, the index gained 1. 6%, with Abu Dhabi Islamic Bank climbing 7. 2%. Optimism about a possible return to diplomacy helped support market sentiment, though conflicting messages from the U. S. and Iran, along with renewed threats from Trump, could keep investors cautious, said Milad Azar, market analyst at XTB MENA, adding attention was also on domestic fundamentals, including second-quarter corporate results and economic survey data. The Qatari index fell 0. 4%, with the Gulf’s biggest lender, Qatar National Bank, down 0. 2%. Outside the Gulf, Egypt’s blue-chip index closed 0. 8% higher. Business sentiment in Egypt’s non-oil private sector picked up in July, despite operating conditions remaining firmly in contraction territory, a survey showed. Saudi Arabia rose 0. 3% to 10, 858 Abu Dhabi advanced 1. 6% to 10, 102 Dubai gained 1. 8% to 5, 986 Qatar eased 0. 4% to 10, 093 Egypt added 0. 8% to 54, 502 Bahrain was flat at 1, 956 Oman lost 0. 2% to 7, 335 Kuwait down 0. 2% to 9, 295

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