Business
Most Gulf markets retreat on stalled US-Iran peace efforts
Most Gulf markets retreat on stalled US-Iran peace efforts
About this update from Al Rajhi Bank
By Ateeq ShariffMost Gulf stock markets ended lower on Thursday as concerns over stalled peace talks between Iran and the U.S. weighed on sentiment, with trade restrictions through the Strait of Hormuz still in place.Iran seized two ships in the strait on Wednesday, tightening its control over the key shipping route a day after U.S. President Donald Trump indefinitely extended a ceasefire but maintained a blockade on Iranian ports.Top Iranian negotiator Mohammad Baqer Qalibaf said a full ceasefire would only make sense if the blockade was lifted.With the strait effectively shut, pressure on global oil supplies pushed Brent crude back above $100 a barrel.Saudi Arabia's benchmark index TADAWUL:TASI fell 1.2%, extending its losing streak to six sessions, weighed down by a 2.2% slide in Al Rajhi Bank TADAWUL:1120 and a 1.8% drop in the kingdom's biggest lender by assets, Saudi National Bank TADAWUL:1180.SABIC Agri-Nutrients Co TADAWUL:2020 dropped 5.1% after reporting lower quarterly sales, despite posting higher profit.Strait of Hormuz disruptions and stalled diplomacy are keeping investors defensive, with only limited relief from the ceasefire extension, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.In Qatar, the index QSE:GNRI eased 0.1%, with the Gulf's biggest lender, Qatar National Bank QSE:QNBK, down 1.3%.Abu Dhabi's index ADX:FADGI closed 0.4% lower, dragged down by a 2.1% fall in First Abu Dhabi Bank ADX:FAB, even though the UAE's biggest lender beat forecasts with a smaller-than-expected 2% fall in first-quarter net profit.Dubai's main share index DFM:DFMGI erased early gains to close unchanged. Emirates NBD Bank DFM:EMIRATESNBD slipped 0.1% after the emirate's largest lender by assets reported a 3% rise in first-quarter profit. Budget airline Air Arabia DFM:AIRARABIA gained 1.2%.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 bucked the trend to close 0.8% higher, with Commercial International Bank EGX:COMI rising 1.3%.Saudi ArabiaTADAWUL:TASI fell 1.2% to 11,110Abu DhabiADX:FADGI down 0.4% to 9,747DubaiDFM:DFMGI was flat at 5,814QatarQSE:GNRI eased 0.1% to 10,662EgyptEGX:EGX30 rose 0.8% to 52,375BahrainBAHRAIN:BHBX finished flat at 1,933Oman(.MSX30) dropped 0.4% to 8,159KuwaitKSE:BOURSA lost 0.1% to 9,444($1 = 3.6730 UAE dirham)