Most Gulf bourses slip as Iran-US diplomacy hits a standstill

Most Gulf stock markets ended lower on Wednesday as Iran ruled out talks with the United States unless its conditions are met, Business Recorder reported. Saudi Arabia’s benchmark lost 0.3%, while Abu Dhabi fell 0.6%; Dubai advanced 0.4% and Qatar gained 0.5%. Oman dropped 1.5%, Kuwait declined 0.7% and Bahrain eased 0.1%.

The report cited concerns about shipping and crude flows, saying at least 18 vessel attacks had been recorded in the past two weeks and tankers were being targeted beyond the Strait of Hormuz. Saudi Aramco gained 0.4%, while Alinma Bank fell 5% after reporting lower third-quarter profit. Egypt’s index rose 1.5%, helped by a deal with Talaat Moustafa Group worth 11 trillion Egyptian pounds ($202 billion) for four real-estate developments.