Most Gulf markets in black on expected US-Iran peace deal

Most Gulf stock markets advanced on Sunday, buoyed by growing optimism over a potential U.S.-Iran peace agreement.

U.S. and Pakistani leaders signaled that a long-awaited framework agreement to end months of fighting between the United States and Iran could be signed on Sunday, with Qatari negotiators flying to Tehran to help finalize the deal.

However, Iran cast doubt on the timing, saying no final decision had been made as political, legal and technical reviews continued.

Saudi Arabia’s benchmark index rose 0.6%, with Saudi Arabian Mining Company advancing 5.2%, though oil major Saudi Aramco declined 1.1%.

On Friday, Brent futures settled at $87.33 a barrel, down $3.05, or 3.37%.

Elsewhere, Kingdom Holding gave up early gains to close 6.4% lower.

Saudi billionaire Prince Alwaleed bin Talal’s investment firm said it held 42.4 million Class A common shares in SpaceX, valued at 16.76 billion riyals ($4.47 billion), as of its March 31 financial statements.

In Qatar, the index closed 1.9% higher, led by a 3.8% rise in the Gulf’s biggest lender Qatar National Bank .

Outside the Gulf, Egypt’s blue-chip index climbed 2.3%, as most of its constituents were in positive territory.