BENGALURU: Major Gulf stock markets gained on Monday as investors assessed talks between Iranian and Qatari officials aimed at securing an agreement to end the US-Israeli conflict with Iran.
The talks come amid concerns that the conflict could escalate after the November 3 US midterm elections.
President Donald Trump has said the United States would not launch fresh attacks on Iran before the vote and that discussions with Tehran had been productive, although he has not ruled out further military action afterwards.
Meanwhile, Chinese Foreign Minister Wang Yi said on Monday that all parties involved in the Middle East conflict should pursue political solutions rather than resort to force again, during a meeting with an Iranian national security official in Beijing.
Saudi Arabia’s benchmark index rose 0.5 percent, led by materials, real estate and industrial stocks. Saudi Basic Industries Corp gained 2.3 percent, while Saudi National Bank, the kingdom’s largest lender by assets, advanced 1.2 percent.
However, Gulf Insurance Group fell 8.4 percent after reporting a 44 percent drop in quarterly net profit. Leejam Sports slid 6.1 percent after the sports and fitness club operator posted an 11.1 percent decline in third-quarter net profit.
Qatar’s benchmark index added 0.2 percent, with most constituents ending higher. Industrial conglomerate Industries Qatar rose 2.9 percent, while Qatar Gas Transport gained 4.6 percent.