Most Gulf bourses edge lower on mixed US-Iran cues

Most Gulf bourses ended lower on Thursday, caught between rebounding regional oil flows and mixed diplomatic signals on the US-Iran conflict. Saudi Arabia’s benchmark index dropped 0. 5%, weighed down by a 1. 6% retreat in the country’s biggest lender by assets Saudi National Bank. However, oil giant Saudi Aramco gained 0. 2%. Saudi Arabia has restarted its East-West Pipeline and resumed tanker loadings at the Red Sea port of Yanbu, trade data showed. The restart follows a shutdown caused by a drone strike last month and signals a resumption in exports from the Middle East. The kingdom projected a 2027 budget deficit of 191 billion riyals ($50. 87 billion), or 3. 6% of GDP, the finance ministry said in a pre-budget statement on Wednesday. Qatar’s index retreated 0. 6%, pressured by a 2. 6% decline in Qatar International Islamic Bank. Iran said on Wednesday that it had received a US response to reviving a collapsed Gulf ceasefire, days after US President Donald Trump indicated he had rejected it. Investors stayed focused on regional developments. While US-Iran talks through mediators continue, unclear timelines and ongoing Strait of Hormuz disruptions are keeping risk appetite in check, said Mahmoud Mashal, senior market analyst at VT Markets Dubai. Abu Dhabi’s index dipped 0. 7%, while Dubai’s main share index closed 0. 5% lower. Outside the Gulf, Egypt’s blue-chip index gained 2. 2%, ending a nine-session losing streak. Saudi Arabia dropped 0. 5% to 10, 393 Abu Dhabi lost 0. 7% to 9, 998 Dubai down 0. 5% to 5, 930 Qatar fell 0. 6% to 9, 192 Egypt advanced 2. 2% to 53, 055 Bahrain eased 0. 2% to 1, 904 Oman gained 0. 4% to 7, 599 Kuwait declined 0. 6% to 9, 114

Read full story on Business Recorder