Business
Most Gulf markets gain on upbeat earnings, US-Iran peace deal optimism
Most Gulf markets gain on upbeat earnings, US-Iran peace deal optimism
About this update from Elm Company
By Ateeq ShariffMost Gulf stock markets ended higher on Thursday, supported by strong corporate earnings and optimism over a potential U.S.-Iran peace deal, although uncertainty persisted over the fate of the strategically vital Strait of Hormuz.U.S. President Donald Trump said the war with Iran could end quickly as Tehran reviewed a U.S. peace proposal that, according to sources, would formally bring the conflict to a close while leaving unresolved Washington's key demands for Iran to halt its nuclear programme and reopen the Strait of Hormuz.Saudi Arabia's benchmark index TADAWUL:TASI rose 0.8%, with ACWA Power TADAWUL:2082 surged 10%, while Elm Co TADAWUL:7203, also, jumped 10% following a steep rise in first-quarter profit.Meanwhile, Brent crude futures ICEEUR:BRN1! fell $4.31, or 4.3%, to $96.96 a barrel by 1242 GMT.Dubai's main share index DFM:DFMGI gained 0.6%, led by 5.6% surge in toll operator Salik DFM:SALIK and a 7.2% surge in Emirates Central Cooling Systems DFM:EMPOWER after upbeat quarterly earnings.Meanwhile, the United Arab Emirates said on Wednesday that its ties and its international and defence partnerships were a "purely sovereign matter," rejecting an earlier statement by Iran that Abu Dhabi's cooperation with the U.S. threatened Iran's security and national interests.In Abu Dhabi, the index ADX:FADGI finished flat.The Qatari index QSE:GNRI added 0.6%, with petrochemical maker Industries Qatar QSE:IQCD gaining 1.6%.Egyptian bourse was closed for a public holiday.Saudi ArabiaTADAWUL:TASI rose 0.8% to 11,031Abu DhabiADX:FADGI was flat at 9,876DubaiDFM:DFMGI gained 0.6% to 5,932QatarQSE:GNRI added 0.6% to 10,714BahrainBAHRAIN:BHBX lost 0.7% to 1,942Oman(.MSX30) added 0.2% to 8,351KuwaitKSE:BOURSA eased 0.1% to 9,429