MIDEAST STOCKS-Gulf bourses fall as Iran uncertainty weighs; Egypt extends loss

MAADEN

MAADEN

1211.SA

0.00

By Md Manzer Hussain

- Stock markets in the Gulf ended lower on Sunday, as comments from U.S. President Donald Trump and Iran's foreign minister further dimmed hopes of a deal to end ship attacks and seizures near the Strait of Hormuz.

Trump said he was running out of patience with Iran and had agreed with Chinese President Xi Jinping that Tehran must not be allowed to obtain a nuclear weapon and should reopen the strait.

Iran has "no trust" in the United States and is interested in negotiations only if Washington is serious, Foreign Minister Abbas Araqchi said on Friday.

Saudi Arabia's benchmark index .TASI extended losses for a fourth straight session, slipping 0.3%, with most constituents in negative territory. Materials, consumer discretionary and healthcare stocks led the declines.

Saudi Arabian Mining 1211.SE slipped 2.3%, while Saudi Basic Industries Corp 2010.SE dropped 2.5%.
The Qatari benchmark index .QSI eased 0.1%, with most of its constituents trading lower. Dukhan Bank DUBK.QA declined 0.7%, while Mesaieed Petrochemical Holding MPHC.QA lost 1.3%.

Outside the Gulf, Egypt’s blue-chip index .EGX30 fell for a fifth consecutive session, dropping 1.5%, with nearly all constituents in the red. Commercial International Bank COMI.CA slipped 1.1%, while GB Corp, known as GB Auto GBCO.CA tumbled 5.8%.

GB Corp reported on Thursday a 30.4% drop in first-quarter consolidated net profit, hurt by higher finance costs and provisions, as well as regional challenges.

SAUDI ARABIA

.TASI fell 0.3% to 10,968

KUWAIT

.BKP down 0.9% to 9,195

QATAR

.QSI eased 0.1% to 10,484

EGYPT

.EGX30 dropped 1.5% to 52,364

BAHRAIN

.BAX fell 0.2% to 1,933


OMAN

.MSX30 down 0.3% to 7,939