DUBAI: Gulf stock markets ended mixed on Sunday after US President Donald Trump rejected an Iranian peace blueprint aimed at ending hostilities and reopening the vital Strait of Hormuz.
While Tehran maintained that diplomacy remains the only viable resolution to its conflict with the United States and Israel, Iran’s military leadership warned that its armed forces stand fully prepared for any renewed American strikes.
Saudi Arabia’s benchmark index bucked the broader unease to advance 0.8 percent, buoyed by strong financial sector performance. Heavyweight lenders anchored the gains.
Al Rajhi Bank rose 2.5 percent and Saudi National Bank climbed 2.3 percent, despite weekend reports that the Saudi-led coalition had intercepted ballistic missiles and drones launched toward the kingdom by Yemen’s Iran-backed Houthis.
Elsewhere, Qatar’s index slipped 0.3 percent, weighed down by a 1 percent retreat in telecom operator Ooredoo.
Outside the Gulf, Egypt’s blue-chip index slid 1.4 percent, pressured primarily by a 3.7 percent fall in tobacco monopoly Eastern Company.