Most Gulf bourses gain despite stalled Iran talks

Most Gulf stock markets rose on Sunday, according to Business Recorder, even as regional uncertainty lingered and peace talks showed little sign of advancing. Tanker traffic through the Strait of Hormuz, a strategic route, had not yet returned fully to normal levels.

On Saturday, Tehran called on Washington to admit defeat, while President Donald Trump described Iran as very evil. He also cautioned Americans to brace for fuel prices that would stay high because of the war.

Saudi Arabia's benchmark index gained 0.9 per cent, helped by Al Rajhi Bank, up 1.5 per cent, and oil major Saudi Aramco, which added 1 per cent. Brent crude futures ended Friday at USD88.52 a barrel, gaining USD1.45, or 1.67 per cent. Elsewhere, Tihama for Advertising, Public Relations and Marketing Co jumped 7.3 per cent after its board ended the contract of chief executive Hussain Masoud Al-Dossari, naming Shakir Ahmed Saleh Al-Saleh as successor. Egypt's blue-chip index climbed 1.1 per cent, with Telecom Egypt up 3.6 per cent after a sharp rise in quarterly profit.