Most Gulf markets slip on caution over US-Iran talks

By Ateeq Shariff

Most stock markets in the Gulf ended lower on Sunday, as investor caution grew following a lack of progress in indirect peace talks between Iran and the United States, which concluded without a breakthrough.

There was no sign the two sides had made headway towards a lasting peace in the indirect talks, which wrapped up on Wednesday, focusing instead on issues that they said had been resolved when an interim agreement was announced two weeks ago.

The next meeting will take place after funeral processions for Iran's late Supreme Leader Ayatollah Ali Khamenei, who is due to be buried on July 9, Qatar's Foreign Ministry said.

Saudi Arabia's benchmark index TADAWUL:TASI eased 0.3%, hit by a 0.5% fall in Al Rajhi Bank TADAWUL:1120.

Meanwhile, Saudi Arabia's non-oil private sector saw stronger growth in June, driven by the fastest increase in new business in four months.

However, companies continued to face high costs and declining export demand, a survey showed on Sunday.

In Qatar, the index QSE:GNRI rose 0.3%, with the region's biggest lender Qatar National Bank QSE:QNBK gaining 0.2%.

Maritime trade between Iran and Qatar has resumed after a roughly five-month suspension, Iran’s commercial attaché in Doha told state media on Sunday.

Outside the Gulf, Egypt's blue-chip index EGX:EGX30 advanced 1.2%, led by a 1.9% rise in Commercial International Bank EGX:COMI.

Egypt's M2 money supply grew by 19.6% year-on-year in May, reaching 15.33 trillion Egyptian pounds ($312.35 billion), according to central bank data.