Most Gulf stock markets closed higher on Monday, although uncertainty surrounding U.S.-Iran talks kept investors cautious and trading subdued. In the UAE, shares gained support after the announcement of a new national fund.
Hopes for renewed diplomacy faded over the weekend after U.S. President Donald Trump cancelled a planned visit by his envoys to Islamabad on Saturday.
Trump said Iran could make contact if it wanted to negotiate an end to the two-month war, while insisting Tehran must never acquire a nuclear weapon.
Trump said Iran could make contact if it wanted to negotiate an end to the two-month war, while insisting Tehran must never acquire a nuclear weapon.
Iran said the U.S. would have to remove barriers to any deal, including its blockade of Iranian ports.
Iranian Foreign Minister Abbas Araqchi, meanwhile, is in Russia to seek support from President Vladimir Putin.
Saudi Arabia's benchmark index rose 0.4%, with petrochemical maker Saudi Basic Industries climbing 4.8%. Oil major Saudi Aramco added 0.5%.
The Brent crude benchmark was up 96 cents, or 0.9%, at $106.29 a barrel by 1212 GMT.
However, Saudi Tadawul Group declined 3.7%, following a steep drop in quarterly profit. Geopolitical conditions have improved compared with the previous month, but limited visibility on what comes next, along with the continued closure of the Strait of Hormuz, may keep investors cautious, said Joseph Dahrieh, Managing Director at Tickmill.
Strong local fundamentals continue to support sentiment and may help regional stock markets extend their recovery, he said.
The Qatari index fell 0.3%, with Qatar National Bank — the Gulf's biggest lender by assets — losing 0.9%.
Dubai's main share index added 0.3%, led by a 0.8% rise in blue-chip developer Emaar Properties and a 1.3% advance in toll operator Salik.
Iranian Foreign Minister Abbas Araqchi, meanwhile, is in Russia to seek support from President Vladimir Putin.
Saudi Arabia's benchmark index rose 0.4%, with petrochemical maker Saudi Basic Industries climbing 4.8%. Oil major Saudi Aramco added 0.5%.
The Brent crude benchmark was up 96 cents, or 0.9%, at $106.29 a barrel by 1212 GMT.
However, Saudi Tadawul Group declined 3.7%, following a steep drop in quarterly profit. Geopolitical conditions have improved compared with the previous month, but limited visibility on what comes next, along with the continued closure of the Strait of Hormuz, may keep investors cautious, said Joseph Dahrieh, Managing Director at Tickmill.
Strong local fundamentals continue to support sentiment and may help regional stock markets extend their recovery, he said.
The Qatari index fell 0.3%, with Qatar National Bank — the Gulf's biggest lender by assets — losing 0.9%.
Dubai's main share index added 0.3%, led by a 0.8% rise in blue-chip developer Emaar Properties and a 1.3% advance in toll operator Salik.
In Abu Dhabi, the index rose 0.4%, with Alpha Dhabi Holding advancing 2.8%.
In the UAE, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum on Sunday announced the country will establish a 1 billion dirham ($272.26 million) national fund to strengthen industrial resilience.
According to the prime minister, the fund will support the localisation of strategic industries, bolster supply-chain resilience and speed up the adoption of artificial intelligence in production, operations and planning.
In the UAE, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum on Sunday announced the country will establish a 1 billion dirham ($272.26 million) national fund to strengthen industrial resilience.
According to the prime minister, the fund will support the localisation of strategic industries, bolster supply-chain resilience and speed up the adoption of artificial intelligence in production, operations and planning.
Outside the Gulf, Egypt's blue-chip index closed 0.6% higher.
