Riyadh (HRNW)- Trading in major Gulf stock markets began cautiously as investors closely monitored uncertainty surrounding possible diplomatic talks between the United States and Iran and developments related to the regional ceasefire.
According to Reuters, investors remained cautious about making new investments amid uncertainty over the future of the temporary ceasefire following months of regional tensions.
Saudi Arabia’s benchmark stock index fell by approximately 0.2 percent, largely due to a 0.5 percent decline in shares of Saudi Aramco, the kingdom’s largest oil company.
In the global energy market, Brent crude oil for August delivery also declined by around 1 percent to $72.40 per barrel, a level about 22 percent lower than its closing price at the end of the previous month.
Dubai’s main stock market also slipped by 0.1 percent, with shares of Emirates NBD declining by 0.7 percent. Similarly, the Abu Dhabi Securities Exchange index recorded a 0.2 percent decline.
In contrast, Qatar’s stock market posted a modest gain of 0.1 percent, supported by a 1.5 percent increase in shares of Qatar Gas Transport.
Reports had suggested that Iranian and U.S. representatives might hold talks in Doha this week. However, Iran has stated that no formal meeting has been scheduled at this stage.
Financial analysts say investors will continue to closely monitor developments in U.S.-Iran relations, the regional ceasefire, and fluctuations in global oil prices, as these factors are expected to have a significant impact on Gulf economies and regional financial markets.
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