Major Gulf bourses mixed as investors await clarity on US-Iran talks

Major Gulf stock markets traded mixed early on Wednesday as investors awaited signs of progress to end the Iran war.

U.S. President Donald Trump said Washington held “all-day” negotiations with Iran on Tuesday, describing the discussions as constructive while warning that Tehran could face severe consequences if no deal is reached.

Qatar said on Tuesday that mediators were making headway, though Tehran denied Trump’s claim that talks were underway.

In a phone call on Tuesday, Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani discussed ways to bridge differences between Washington and Tehran and strengthen prospects for a durable settlement, Qatar’s Emiri office said.

Saudi Arabia’s benchmark index added 0.3%, led by a 1.2% rise in Al Rajhi Bank. However, oil major Saudi Aramco dropped 1%.

Brent crude futures were down 32 cents, or 0.4%, to $79.04 a barrel at 0630 GMT, a day after falling more than 5%.

Among other losers, Power and Water Utility Co for Jubail and Yanbu (MARAFIQ) and Retal Urban Development Co each fell a record 10%, hitting the exchange’s daily lower limit after both swung to second-quarter losses.

Dubai’s main share index eased 0.1%, led by a 0.7% fall in utility firm Dubai Electricity and Water Authority.

In Abu Dhabi, the index fell 0.2%.

The Qatari index gained 1%, with most of its constituents in positive territory including the Gulf’s biggest lender, Qatar National Bank, which was up 1.1%.