DUBAI: Most Gulf stock markets ended higher on Tuesday, as investors weighed reports of US-Iran mediation against fresh attacks and Houthi threats to impose a naval blockade on Saudi Arabia.
A senior Iranian official said on Monday that Tehran had received a mediators’ proposal for a 10-day ceasefire, aimed at creating a path toward a permanent agreement to end the war that started on February 28 following US-Israeli attacks on Iran.
Dubai’s main share index rose 0.3 percent, with blue-chip developer Emaar Properties gaining 0.9 percent and toll operator Salik rising 1.6 percent.
In Abu Dhabi, the index was up 0.4 percent. Tensions in the region continue to weigh on investor sentiment, with military operations and disruptions in the Strait of Hormuz driving concerns, said George Pavel, general manager at Naga.com Middle East.
Saudi Arabia’s benchmark index fell 0.4 percent, hit by a 1.8 percent slide in Al Rajhi Bank, while Alinma Bank tumbled 4.4 percent, after posting lackluster second-quarter earnings and slashing its dividend.
The Qatari index closed 0.2 percent higher, with Qatar Islamic Bank gaining 0.6 percent.
Outside the Gulf, Egypt’s blue-chip index advanced 1.6 percent.