BENGALURU: Gulf stock markets closed higher on Sunday as investors took comfort from US President Donald Trump’s indication that Washington would pause further military action against Iran, while strong corporate earnings also boosted sentiment.
Trump said the United States would refrain from launching a fresh attack on Iran if a deal could be reached quickly to curb Tehran’s nuclear ambitions and reopen the Strait of Hormuz.
Saudi Arabia’s benchmark index gained 1.1 percent, with nearly all constituents ending in positive territory. Al Rajhi Bank rose 3.1 percent, while Saudi Aramco added 0.4 percent. Saudi Arabia’s state oil producer has raised official selling prices for liquefied petroleum gas by between 6 percent and 7 percent for August due to higher demand on global markets, traders said on Friday.
Among other gainers, National Medical Care surged 8.1 percent after reporting a 17.6 percent increase in quarterly profit. Jabal Omar Development added 2.5 percent after the property developer posted a quarterly profit, compared with a loss a year earlier.
Qatar’s benchmark index snapped a three-session losing streak to climb 1.3 percent, supported by a 3.2 percent jump in Qatar National Bank , the region’s largest lender, and a 2.1 percent rise in QatarEnergy-linked industrial conglomerate Industries Qatar.
A QatarEnergy-controlled liquefied natural gas tanker exited the Strait of Hormuz overnight, the first such vessel recorded by ship-tracking data leaving the waterway since July 11, data from analytics firms showed on Thursday.
Outside the Gulf, Egypt’s blue-chip index rose 1.6 percent after two consecutive losing sessions, with all stocks in positive territory. Abu Qir Fertilizers gained 2 percent after the company reported that first-half net profit more than doubled. Alexandria Mineral Oils climbed 7.5 percent to a four-month high after reporting a 109 percent jump in full-year consolidated net profit.