Most Gulf markets saw a slight rise amid anticipation of the outcome of US-Iran talks.
JABAL OMAR 4250.SA | 0.00 | |
MASAR 4325.SA | 0.00 | |
Tadawul All Shares Index TASI.SA | 0.00 |
June 24 (Reuters) - Most Gulf stock markets opened slightly higher on Wednesday amid signs of progress in talks between the United States and Iran, but uncertainty remained over the survival of their agreement.
The two countries, which concluded the first round of negotiations in Switzerland on Monday, offered conflicting accounts of key provisions of the framework agreement signed last week to end the war, including financial incentives for Iran, the issue of managing the Strait of Hormuz, and Israel’s war in Lebanon.
US President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections "indefinitely," while Tehran denied making any such concession, raising doubts about the viability of the fragile peace agreement.
Saudi Arabia’s main index rose 0.3 percent, supported by a 10 percent jump in shares of Umm Al Qura Development and Construction Company and a 5.3 percent rise in shares of Jabal Omar Development Company.
The Saudi General Authority for Real Estate stated in a statement on Tuesday that it has begun receiving applications for foreign ownership of real estate, as part of the Kingdom’s efforts to attract foreign investment.
In Dubai, the main index rose 0.1 percent, supported by a 1.2 percent increase in shares of Salik toll company.
The main index in Abu Dhabi rose 0.3 percent.
The Qatari index stabilized amid volatile trading.
Oman and Iran agreed yesterday to continue talks on the future management of shipping in the Strait of Hormuz. US Secretary of State Marco Rubio said that any attempt by Iran to impose transit fees would violate international law.
