Gulf markets close mixed as investors assess U.S.-Iran diplomacy

Gulf stock markets finished mixed on Thursday, according to Business Recorder, as investors weighed fresh diplomatic efforts between Washington and Tehran and progress in talks on the Strait of Hormuz. Dubai's main index gained 0.3%, while Saudi Arabia's benchmark eased 0.2%, halting a seven-session rally. Qatar's prime minister travelled to Tehran in an effort to restart diplomacy after both sides traded accusations over plans to tighten economic pressure.

Qatar and Iran discussed a phased plan that would set up an interim Iranian-Omani shipping lane through the strait and a joint effort to remove mines from the waterway, according to Qatar's foreign ministry. In the UAE, Abu Dhabi's index barely moved, with ADNOC Gas down 1.2% and First Abu Dhabi Bank up 1.1%. Abu Dhabi Ports added 0.8% after its board advised holders to take L'imad's cash bid of AED 6.25 per share for the portion it does not already own.

Under the bid, AD Ports would be valued at roughly AED31.8 billion ($8.6 billion), a 23% premium over the share price before the offer was announced. ADQ, which is wholly owned by L'imad, already holds 75.42% of the company. Tickmill's Joseph Dahrieh said investors are watching for tangible results from the talks and their bearing on oil prices and the wider energy and logistics picture.