Most Gulf bourses ended higher yesterday, supported by hopes that renewed US-Iran negotiations could ease regional tensions. Mediators have presented Iran with a proposal to de-escalate its conflict with the US, including a 10-day ceasefire aimed at exploring ways to revive an interim agreement reached last month, a senior Iranian official told Reuters.
Kuwait’s Greek shipping company Dynacom Tankers said two of its managed vessels were hit by projectiles of unknown origin yesterday while sailing off the coast of Oman. Saudi Arabia’s benchmark index added 0.2 per cent, helped by a 0.7pc rise in Al Rajhi Bank.
Since the war began, the kingdom has rerouted more than 70pc of its usual daily crude exports to the Red Sea port of Yanbu.
Dubai’s main share index fell 0.3pc, weighed down by a 1.1pc drop in blue-chip developer Emaar Properties and a 3.5pc decline in budget carrier Air Arabia. In Abu Dhabi, the index slipped 0.3pc.
However, reports of efforts to restart regional diplomacy could fuel some optimism. At the same time, earnings season may influence market direction. Strong results could highlight the resilience of local economies, offset external pressures, and boost investor confidence, said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
Qatar’s benchmark index advanced 1.3pc, recovering from a 1.5pc decline in the previous session, supported by a 0.3pc gain in Qatar Islamic Bank. Elsewhere, Oman’s index plunged 3.4pc. Outside the Gulf, Egypt’s blue-chip index added 1.1pc. Saudi Arabia rose 0.2pc to 10,742.
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