Most Gulf bourses slip as Iran-US diplomacy hits a standstill

Most Gulf equities closed down on Wednesday, after Iran said there would be no talks with the US to end their conflict unless its demands are met.

Foreign Minister Abbas Araqchi in an article published in the Financial Times on Wednesday said Iran is open to diplomacy but will defend itself.

Iran told Pakistan’s army chief, Field Marshal Asim Munir, who was in Tehran as part of the mediation efforts, of the country’s position, Iranian semi-official Nournews reported on Tuesday.

Pakistan, a key US-Iran mediator, helped secure the interim Islamabad Memorandum in June. It faltered within weeks as fighting resumed.

Saudi Arabia’s benchmark index fell 0.3%, with Alinma Bank retreating 5%, after the lender reported a drop in third-quarter profit. However, oil major Saudi Aramco rose 0.4%.

The Houthis claimed attacks on Saudi energy, airport and military sites on Monday, among them an Aramco facility in Yanbu, the Shaybah oilfield and airports in Riyadh and Abha.

Iran has had no reply from Saudi Arabia or Yemen’s Houthis to its offer to help broker talks to end their fighting, Foreign Minister Araqchi said in a television interview aired on Tuesday.

Dubai’s main share index gained 0.4%, with top lender Emirates NBD rising 1.3%, while the Abu Dhabi index fell 0.6%.

Shiptracker Kpler recorded at least 18 vessel attacks in the past two weeks, while LSEG analysts said Iran is hitting tankers well beyond the Strait of Hormuz, into the Gulf of Oman, jeopardising Gulf crude loadings and ship-to-ship transfers.`

The Qatari index added 0.5%, snapping a five-session losing streak.

Outside the Gulf, Egypt’s blue-chip index advanced 1.5%, with most of its constituents in positive territory including Commercial International Bank , which was up 2.5%.

Elsewhere, Talaat Moustafa Group Holding (TMGH) jumped 6%.

Egypt and TMGH signed a deal worth 11 trillion Egyptian pounds ($202 billion) to develop, build and operate four major mixed-use real-estate projects, the presidency said in a statement on Tuesday.