Mideast Stocks: Most Gulf markets retreat on stalled US-Iran peace efforts
23/04/2026 14:36
Adds closing prices, analyst comment
By Ateeq Shariff
April 23 (Reuters) - 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 .TASI fell 1.2%, extending its losing streak to six sessions, weighed down by a 2.2% slide in Al Rajhi Bank 1120.SE and a 1.8% drop in the kingdom's biggest lender by assets, Saudi National Bank 1180.SE.
SABIC Agri-Nutrients Co 2020.SE 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 .QSI eased 0.1%, with the Gulf's biggest lender, Qatar National Bank QNBK.QA, down 1.3%.
Abu Dhabi's index .FTFADGI closed 0.4% lower, dragged down by a 2.1% fall in First Abu Dhabi Bank FAB.AD, 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 .DFMGI erased early gains to close unchanged. Emirates NBD Bank ENBD.DU slipped 0.1% after the emirate's largest lender by assets reported a 3% rise in first-quarter profit. Budget airline Air Arabia AIRA.DU gained 1.2%.
Outside the Gulf, Egypt's blue-chip index .EGX30 bucked the trend to close 0.8% higher, with Commercial International Bank COMI.CA rising 1.3%.
| Saudi Arabia | .TASI fell 1.2% to 11,110 |
| Abu Dhabi | .FTFADGI down 0.4% to 9,747 |
| Dubai | .DFMGI was flat at 5,814 |
| Qatar | .QSI eased 0.1% to 10,662 |
| Egypt | .EGX30 rose 0.8% to 52,375 |
| Bahrain | .BAX finished flat at 1,933 |
| Oman | .MSX30 dropped 0.4% to 8,159 |
| Kuwait | .BKP lost 0.1% to 9,444 |
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