MIDEAST STOCKS-Gulf bourses close higher, but U.S.-Iran uncertainty caps upside
MAADEN 1211.SA | 0.00 | |
Tadawul All Shares Index TASI.SA | 0.00 |
By Ateeq Shariff
May 3 (Reuters) - Most stock markets in the Gulf ended higher on Sunday, but gains were capped by uncertainty over a possible U.S.-Iran deal after Trump said he was awaiting the final text and warned strikes could resume.
A senior Iranian official said Tehran had proposed a plan — rejected so far by Trump — that would reopen shipping through the Strait of Hormuz and lift the U.S. blockade on Iran, while postponing negotiations over Iran's nuclear program until a later stage.
Saudi Arabia's benchmark index .TASI edged 0.1% higher, helped by a 2.5% rise in Saudi Arabian Mining Company. 1211.SE
However, oil major Saudi Aramco 2222.SE fell 0.9%.
On Friday, Brent crude futures for July LCOc1 settled at $108.17, down $2.23 a barrel, or 2.02%, following a new Iran proposal for peace talks. O/R
The Qatari index .QSI gained 0.4%, with the Gulf's biggest lender Qatar National Bank QNBK.QA rising 1.4%.
Outside the Gulf, Egypt's blue-chip index .EGX30 advanced 1.1%, with Commercial International Bank COMI.CA rising 0.7%.
Saudi Arabia |
.TASI added 0.1% to 11,193 |
Qatar |
.QSI gained 0.4% to 10,533 |
Egypt |
.EGX30 advanced 1.1% to 52,313 |
Bahrain |
.BAX was up 0.2% to 1,972 |
Oman |
.MSX30 eased 0.1% to 8,361 |
Kuwait |
.BKP rose 0.6% to 9,435 |
