Gulf stocks mixed ahead of potential US-Iran UN talks

Business Recorder reported that Gulf bourses ended Tuesday mixed as traders held back ahead of possible developments between Washington and Tehran at the UN General Assembly. Sentiment stayed fragile after both sides exchanged fresh threats, extending a months-long stalemate that keeps pressure on global energy markets. Tensions also rose as Yemen's Houthis advanced near the Red Sea coast amid cross-border friction with Saudi Arabia.

The Saudi index was unchanged on the day, while Al Rajhi Bank shed 2.4%. Saudi Aramco shares eased 0.2%, and two trade sources said the company is negotiating prompt oil cargo lifts from locations beyond the Strait of Hormuz. Qatar's benchmark slid 0.5%, dragged down by a 2.6% decline in The Commercial Bank. Dubai's main gauge rose 0.6%, supported by a 1.2% gain in Emirates NBD, while Abu Dhabi climbed 1.3% after a 1.6% fall the previous day.

Reuters quoted a senior Iranian official as saying Tehran might reopen the Strait of Hormuz inside a week, provided Washington lessens its military strain and removes its blockade of ports. The proposal followed a Sunday statement from Iran's armed forces that any renewed American strikes would draw a response without limits. Egypt's main index also eased 0.1% during the session.