Most Gulf bourses retreat after Trump dismisses Iranian overture
SPY•Most Gulf equity markets ended lower after U.S. President Donald Trump dismissed an Iranian proposal to reopen the Strait of Hormuz. Saudi Arabia's index fell 1%, Qatar's declined 0.5%, while Dubai's gained 0.3%.
1. Gulf markets close lower
Saudi Arabia's benchmark index dropped 1% to 10,579, weighed by a 1.7% decline in Saudi National Bank shares. Saudi Aramco fell 1.1%. Qatar's index declined 0.5%, while Abu Dhabi's lost 0.4%.
2. Mixed moves elsewhere
Dubai's index gained 0.3%, helped by a 1.4% rise in Emirates NBD. Egypt's blue-chip index fell 1.1%; Bahrain's eased 0.1%, while Oman and Kuwait gained 0.6% and 0.1%, respectively.
3. Diplomatic tensions
Iran said diplomacy remained the only path forward after sending Washington a proposal through Qatari intermediaries. Trump dismissed the proposal as a sign of Iranian desperation. Saudi Arabia's foreign minister arrived in Washington for talks with U.S. Secretary of State Marco Rubio, and the Saudi-led coalition intercepted Houthi missiles and drones targeting the kingdom over the weekend.
