Mideast Stocks: Major Gulf Stocks Rise As Iran Risks Stay in Focus

Major Gulf stock markets closed higher on Tuesday, tracking gains in global equities as investors weighed fresh U.S. economic pressure on Iran and signs of progress in Pakistan-mediated talks with Tehran. 

U.S. Treasury Secretary Scott Bessent announced new measures on Monday but stopped short of imposing the harshest sanctions. 

He said countries continuing to trade with Iran could risk being excluded from the dollar-based financial system. Pakistan and Iran made "significant progress" in talks focused on the U.S.-Israeli war on Iran and efforts to secure peace, Pakistan's interior minister said on Tuesday following a visit to Tehran. 

Saudi Arabia's benchmark index extended gains for a sixth straight session, closing 0.5% higher, led by information technology, financial and utility stocks. Al Moammar Information Systems surged 5.7%, while Al Rajhi Bank added 2.5%. 

Separately, France and Saudi Arabia agreed to build a 6 billion euro ($7 billion) manga-themed amusement park near Paris, the Elysee Palace said on Monday during Saudi Crown Prince Mohammed bin Salman's visit to the French capital. Saudi Aramco, the world's largest oil exporter, also signed agreements with French companies that could be worth more than $3.7 billion in total, the company said. 

Qatar's benchmark index rose 0.5%, with most sectors ending in positive territory. Doha Bank climbed 3.4%, while telecommunications firm Ooredoo gained 1.1%. Iraq's state oil marketer SOMO and QatarEnergy are offering crude through rare tenders requiring buyers to load cargoes within the Strait of Hormuz, multiple trade sources said on Monday. 

Abu Dhabi's benchmark index edged 0.2% higher, supported by a 0.5% rise in Aldar Properties and a 4.9% jump in Phoenix Group . 

Dubai's main index, however, fell 0.5%, pressured by real estate, banking and industrial shares. Dubai Islamic Bank lost 1.2%, while blue-chip developer Emaar Properties declined 1.6%.

 "Looking ahead, investors in GCC stock markets are likely to remain cautious as they monitor progress in talks and any changes in traffic conditions in the Strait of Hormuz," said George Pavel, general manager at Naga.com Middle East. "Any new developments regarding U.S. sanctions could also affect sentiment," he added. 

Outside the Gulf, Egypt's blue-chip index advanced 0.2%, with most constituents posting gains. Commercial International Bank rose 1.1%, while Orascom Construction climbed 3.6%. SAU up DI 0.5% to ARA 11,232 BIA 

DUBAI down 0.5% to 5,835 

ABU DHABI gained 0.2% to 10,070 

QATAR advanced 0.5% to 9,785

KUWAIT ended flat at 9,321 

BAHRAIN added 0.1% to 1,947 

OMAN ended flat at 7,503

 EGYPT up 0.2% to 55,277