Most Gulf markets gain on upbeat earnings, US-Iran peace deal optimism

Most Gulf stock markets ended higher on Thursday, supported by strong corporate earnings and optimism over a potential U.S.-Iran peace deal, although uncertainty persisted over the fate of the strategically vital Strait of Hormuz.

U.S. President Donald Trump said the war with Iran could end quickly as Tehran reviewed a U.S. peace proposal that, according to sources, would formally bring the conflict to a close while leaving unresolved Washington’s key demands for Iran to halt its nuclear programme and reopen the Strait of Hormuz.

Saudi Arabia’s benchmark index rose 0.8%, with ACWA Power surged 10%, while Elm Co, also, jumped 10% following a steep rise in first-quarter profit.

Meanwhile, Brent crude futures fell $4.31, or 4.3%, to $96.96 a barrel by 1242 GMT.

Dubai’s main share index gained 0.6%, led by 5.6% surge in toll operator Salik and a 7.2% surge in Emirates Central Cooling Systems after upbeat quarterly earnings.

Meanwhile, the United Arab Emirates said on Wednesday that its ties and its international and defence partnerships were a “purely sovereign matter,” rejecting an earlier statement by Iran that Abu Dhabi’s cooperation with the U.S. threatened Iran’s security and national interests.

In Abu Dhabi, the index finished flat.

The Qatari index added 0.6%, with petrochemical maker Industries Qatar gaining 1.6%.

Egyptian bourse was closed for a public holiday.