Business Recorder
Most Gulf stock markets ended lower on Thursday as concerns over stalled peace talks between Iran and the U.S. weighed on sentiment, with trade restrictions through the Strait of Hormuz still in place. Iran seized two ships in the strait on Wednesday, tightening its control over the key shipping route a day after U.S. President Donald Trump indefinitely extended a ceasefire but maintained a blockade on Iranian ports. Top Iranian negotiator Mohammad Baqer Qalibaf said a full ceasefire would only make sense if the blockade was lifted. With the strait effectively shut, pressure on global oil supplies pushed Brent crude back above $100 a barrel. Saudi Arabia’s benchmark index fell 1.2%, extending its losing streak to six sessions, weighed down by a 2.2% slide in Al Rajhi Bank and a 1.8% drop in the kingdom’s biggest lender by assets, Saudi National Bank. SABIC Agri-Nutrients Co dropped 5.1% after reporting lower quarterly sales, despite posting higher profit. Strait of Hormuz disruptions and stalled diplomacy are keeping investors defensive, with only limited relief from the ceasefire extension, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group. In Qatar, the index eased 0.1%, with the Gulf’s biggest lender, Qatar National Bank , down 1.3%. Abu Dhabi’s index closed 0.4% lower, dragged down by a 2.1% fall in First Abu Dhabi Bank , even though the UAE’s biggest lender beat forecasts with a smaller-than-expected 2% fall in first-quarter net profit. Dubai’s main share index erased early gains to close unchanged. Emirates NBD Bank slipped 0.1% after the emirate’s largest lender by assets reported a 3% rise in first-quarter profit. Budget airline Air Arabia gained 1.2%. Outside the Gulf, Egypt’s blue-chip index bucked the trend to close 0.8% higher, with Commercial International Bank rising 1.3%. Saudi Arabia fell 1.2% to 11,110 Abu Dhabi down 0.4% to 9,747 Dubai was flat at 5,814 Qatar eased 0.1% to 10,662 Egypt rose 0.8% to 52,375 Bahrain finished flat at 1,933 Oman dropped 0.4% to 8,159 Kuwait lost 0.1% to 9,444
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