MIDEAST STOCKS-Most Gulf markets in black on expected US-Iran peace deal

KINGDOM
MAADEN

KINGDOM

4280.SA

0.00

MAADEN

1211.SA

0.00

By Ateeq Shariff

- Most Gulf stock markets advanced on Sunday, buoyed by growing optimism over a potential U.S.-Iran peace agreement.

U.S. and Pakistani leaders signaled that a long-awaited framework agreement to end months of fighting between the United States and Iran could be signed on Sunday, with Qatari negotiators flying to Tehran to help finalize the deal.

However, Iran cast doubt on the timing, saying no final decision had been made as political, legal and technical reviews continued.

Saudi Arabia's benchmark index .TASI rose 0.6%, with Saudi Arabian Mining Company 1211.SE advancing 5.2%, though oil major Saudi Aramco 2222.SE declined 1.1%.

On Friday, Brent futures LCOc1 settled at $87.33 a barrel, down $3.05, or 3.37%.

Elsewhere, Kingdom Holding 4280.SE gave up early gains to close 6.4% lower.

Saudi billionaire Prince Alwaleed bin Talal's investment firm said it held 42.4 million Class A common shares in SpaceX, valued at 16.76 billion riyals ($4.47 billion), as of its March 31 financial statements.

In Qatar, the index .QSI closed 1.9% higher, led by a 3.8% rise in the Gulf's biggest lender Qatar National Bank QNBK.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 climbed 2.3%, as most of its constituents were in positive territory.

Saudi Arabia

.TASI rose 0.6% to 11,104

Qatar

.QSI gained 1.6% to 10,461

Egypt

.EGX30 advanced 2.3% to 51,995

Bahrain

.BAX added 0.5% to 1,992

Oman

.MSx30 was up 0.5% to 7,641

Kuwait

.BKP closed 1.5% higher to 9,325

($1 = 3.7528 riyals)