DUBAI: Most Gulf stock markets closed higher on Sunday following a positive early turn in the talks between the United States and Iran over Tehran’s nuclear programme, while Egypt’s benchmark index finished at a fresh record high.
Iran’s top diplomat said on Friday that the Oman-mediated talks were off to a “good start” and set to continue. Those remarks could help allay concern that a failure to reach a deal might nudge the Middle East closer to war.
Saudi Arabia’s benchmark index finished 0.3 percent higher, led by a 0.5 percent rise in Al Rajhi Bank.
Elsewhere, Saudi Aramco Base Oil Co advanced 3.5 percent, following an increase in second-half dividend.
Milad Azar, an analyst at XTB MENA, said market sentiment was strengthened by the diplomatic meeting, which eased previous geopolitical pressures on regional indices.
“The market appears poised to continue its upward trajectory, supported by solid non-oil economic fundamentals and growth projections for the year, while investors await further fourth-quarter earnings releases from major heavyweights like Aramco,” he said.
The Qatari index was up 0.5 percent, with petrochemical maker Industries Qatar rising 1.1 percent.
Outside the Gulf, Egypt’s blue-chip index rose for the fourth consecutive session to finish 0.6 percent higher, closing at its highest ever.
Egypt has signed a USD3.5 billion agreement to allocate 410 megahertz of new spectrum to its four mobile operators, the cabinet said in a statement on Saturday, describing it as the largest spectrum deal in the country’s telecommunications history.
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