DUBAI: Most Gulf stock markets rose on Sunday despite ongoing regional uncertainty, with peace talks showing no signs of progress and oil tanker traffic through the strategic Strait of Hormuz yet to fully resume.
Iran urged the United States on Saturday to concede defeat, while President Donald Trump branded Tehran “very evil” and warned Americans to expect persistently high fuel prices because of the war.
Saudi Arabia’s benchmark index advanced 0.9 percent, led by a 1.5 percent rise in Al Rajhi Bank and a 1 percent increase in oil major Saudi Aramco.
On Friday, Brent futures settled at USD88.52 a barrel, up USD1.45, or 1.67 percent.
Elsewhere, Tihama for Advertising, Public Relations and Marketing Co rose 7.3 percent after its board terminated Chief Executive Hussain Masoud Al-Dossari’s contract. The company named Shakir Ahmed Saleh Al-Saleh as the new CEO.
In Qatar, the index added 0.2 percent, helped by a 1.5 percent rise in the Gulf’s biggest lender Qatar National Bank .
Outside the Gulf, Egypt’s blue-chip index advanced 1.1 percent, with Telecom Egypt increasing 3.6 percent, extending gains from the previous session following a steep rise in quarterly profit.
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