DUBAI: Stock markets in the Gulf ended lower on Sunday, as comments from US President Donald Trump and Iran’s foreign minister further dimmed hopes of a deal to end ship attacks and seizures near the Strait of Hormuz.
Trump said he was running out of patience with Iran and had agreed with Chinese President Xi Jinping that Tehran must not be allowed to obtain a nuclear weapon and should reopen the strait.
Iran has “no trust” in the United States and is interested in negotiations only if Washington is serious, Foreign Minister Abbas Araqchi said on Friday.
Saudi Arabia’s benchmark index extended losses for a fourth straight session, slipping 0.3 percent, with most constituents in negative territory. Materials, consumer discretionary and healthcare stocks led the declines.
Saudi Arabian Mining slipped 2.3 percent, while Saudi Basic Industries Corp dropped 2.5 percent.
The Qatari benchmark index eased 0.1 percent, with most of its constituents trading lower. Dukhan Bank declined 0.7 percent, while Mesaieed Petrochemical Holding lost 1.3 percent.
Outside the Gulf, Egypt’s blue-chip index fell for a fifth consecutive session, dropping 1.5 percent, with nearly all constituents in the red. Commercial International Bank slipped 1.1 percent, while GB Corp, known as GB Auto tumbled 5.8 percent.
GB Corp reported on Thursday a 30.4 percent drop in first-quarter consolidated net profit, hurt by higher finance costs and provisions, as well as regional challenges.
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