Most Gulf stock markets declined after fruitless talks between Washington and Tehran.

MAADEN
SABIC
Tadawul All Shares Index

MAADEN

1211.SA

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SABIC

2010.SA

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Tadawul All Shares Index

TASI.SA

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- Most Gulf stock markets closed lower on Thursday after Iran and the United States concluded a round of indirect talks with no signs of progress toward a lasting peace agreement.

Sources said that negotiators from both countries spent two days in Doha discussing maritime traffic in the Strait of Hormuz and financial incentives for Iran, two pillars of the initial agreement they signed in June, rather than discussing the more difficult issues that the framework was thought to have paved the way for.

The Qatari Foreign Ministry stated that the date of the next meeting will be determined "as soon as possible after the conclusion of the funeral processions for the former Iranian Supreme Leader" Ali Khamenei on July 9.

The main Saudi index fell 0.3 percent, weighed down by a 1.3 percent drop in shares of Saudi Arabian Mining Company (Ma'aden).

In Washington, US President Donald Trump said the two sides were making progress on possible restrictions on Iran's nuclear program, the main reason he launched the war in February.

He explained, "The process of disarming Iran of its nuclear weapons is going well. They held very good meetings, and we will see what happens."

Dubai's main index fell 0.3 percent, weighed down by a 2.2 percent drop in shares of Salik toll company.

Traders continue to monitor developments in talks between the United States and Iran, as indications suggest that dialogue between the two sides is still ongoing, providing some support to the market.

Milad Azar, a market analyst at XTB Middle East and North Africa, said that the continued uncertainty is likely to prompt investors to be cautious, which could limit the chances of a strong recovery.

In Abu Dhabi, the index rose 0.2 percent.

The Qatari index fell 0.8 percent, weighed down by a 1.7 percent drop in shares of Qatar National Bank, the largest bank in the Gulf.

Bahrain's main index closed down 0.3 percent. Oman's main index closed up 0.2 percent. Kuwait's main index fell 0.1 percent.

Outside the Gulf region, the Egyptian stock market index rose 0.1 percent.