Most Gulf bourses closed higher on Tuesday, amid anticipation of reports regarding mediation efforts between the United States and Iran on one hand, and threats from Yemen's Houthi group to impose a naval blockade on Saudi Arabia on the other.
اضافة اعلان
A senior Iranian official said on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire, aimed at paving the way for reaching a permanent agreement to end the war that broke out on February 28, following US and Israeli attacks on Iran, according to Reuters.
Dubai's index rose 0.3%, with Emaar Properties shares climbing 0.9%, and Salik Company, the toll system operator, rising 1.6%.
In Abu Dhabi, the index advanced 0.4%.
George Pavel, General Manager of Naga.com Middle East, said that regional tensions continue to cast a shadow over investor sentiment, as military operations and disruptions in the Strait of Hormuz raise concerns.
However, Pavel added that reports indicating efforts to revive diplomacy between the United States and Iran may bolster hopes for a ceasefire, which could improve conditions for local economies and stock markets.
Saudi Arabia's index fell 0.4%, weighed down by a 1.8% decline in Al-Rajhi Bank shares, while Al-Inma Bank shares dropped 4.4% after announcing weak second-quarter profits and cutting its dividend distributions.
The Houthis in Yemen, allies of Iran, threatened to impose a naval blockade on Saudi Arabia, signaling a potential expansion of the conflict and greater disruption to energy supplies and trade.
This move came at a time when Tehran and Washington have shown interest in renewing diplomatic efforts, with Iran stating that mediators had presented new proposals but did not disclose details.
The Houthi group sent an electronic message to shipping companies warning them against loading or unloading goods at Saudi ports, stating that such activities would make them targets "anywhere."
Qatar's index closed 0.2% higher, with Qatar Islamic Bank shares rising 0.6%.
Bahrain's main index edged up 0.1%, while the main indices in Oman and Kuwait fell 0.9% and 0.1%, respectively.
