Most Gulf markets gain as investors focus on Trump-Xi meeting
- Dubai's main share index eased 0.1%, hit by a 1.6%
Most stock markets in the Gulf edged higher in early trade on Thursday, with investors closely watching the high-stakes meeting between U.S. President Donald Trump and China’s Xi Jinping for any signs of a breakthrough on the Iran war.
Trump is expected to encourage China to convince Iran to make a deal with Washington to end the conflict. But analysts doubt that Xi will be willing to push Tehran hard or end support for its military, given Iran’s value to Beijing as a strategic counterweight to the U.S.
The war, which erupted in late February and has driven energy prices higher, has forced governments to roll out relief measures for consumers as efforts to end the conflict remain stalled.
At the start of the two-day meeting on Thursday, Xi said trade talks with the U.S. were making progress but warned that tensions over Taiwan could push relations onto a dangerous path.
Saudi Arabia’s benchmark index added 0.2%, with Al Rajhi Bank gaining 0.8%.
In Abu Dhabi, the index gained 0.2%, helped by a 0.3% rise in ADNOC Gas.
Dubai’s main share index eased 0.1%, hit by a 1.6% slide in toll operator Salik.
The chairman of the UAE Banks Federation said on Wednesday there were no concerns over rising capital outflows or a dollar shortage amid the Iran war, even as the UAE seeks a currency swap arrangement with the United States.
The Qatari index was up 0.3%, with Qatar Islamic Bank rising 0.4%.
Brent crude futures were up 26 cents, or 0.25%, to $105.89 a barrel by 0250 GMT.
OPEC on Wednesday lowered its 2026 global oil demand growth forecast, joining the International Energy Agency and other forecasters in scaling back expectations as the Iran war weighs on the outlook.
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