Most Gulf markets in red as US-Iran negotiations show little headway

Most Gulf stock markets ended lower on Thursday after Iran and the United States wrapped up a round of indirect talks with no sign of progress toward a lasting peace agreement.

Iranian and U.S. negotiators spent two days in Doha addressing maritime traffic in the Strait of Hormuz and the unfreezing of Iranian assets, two central elements of the initial accord, according to sources familiar with the talks.

The next round of negotiations will take place after funeral rites for Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is set to be laid to rest on July 9, Qatar’s Foreign Ministry said.

Saudi Arabia’s benchmark index eased 0.3%, with Saudi Arabian Mining Company losing 1.3%.

Meanwhile, speaking in Washington, U.S. President Donald Trump said negotiations were advancing on possible restrictions to Iran’s nuclear program, the main issue underpinning the war launched by the United States and Israel in February.

“The denuclearization of Iran is moving along well,” he said. “They’ve had very good meetings, and we’ll see.”

Dubai’s main share index dropped 0.3%, hit by a 2.2% slide in toll operator Salik Co .

Investors continue to monitor developments in U.S.-Iran talks, with indications that dialogue between the two sides remains ongoing providing some support to market sentiment.

However, lingering uncertainty is likely to keep investors cautious, potentially limiting the scope for a strong rebound, said Milad Azar Market analyst at XTB MENA.

In Abu Dhabi, the index was up 0.2%.

The Qatari index lost 0.8%, weighed down by a 1.7% fall in the Gulf’s biggest lender Qatar National Bank .

Outside the Gulf, Egypt’s blue-chip index edged 0.1% higher.