Mideast Stocks: Saudi Shares Gain, Qatar Slips on Iran-US Deal Uncertainty

Saudi Arabia's bourse closed higher on Sunday and ​Qatar's slipped, as ⁠markets struggled to find direction given the ‌uncertainty over a possible ceasefire extension in the Middle ​East.

Iran will not agree to end its conflict with the ​U.S. unless ​it is assured that the rights of the Iranian people are protected, Iran's leading negotiator ⁠Mohammad Baqer Qalibaf said on Sunday, according to state media.

Saudi Arabia's benchmark index - which traded after a five-session break - gained 0.5%, with Al Rajhi ​Bank ‌rising 1%.

However, oil ⁠major Saudi ⁠Aramco retreated 1.3%. On Friday, oil futures dropped more than 2%, ​marking their sharpest weekly loss ‌since early April, as traders ⁠awaited confirmation of a ceasefire agreement between the U.S., Israel, and Iran.

U.S. President Donald Trump has yet to announce a decision though he said he would soon make a decision on a tentative agreement to extend a ceasefire and lift restrictions on shipping through the Strait ‌of Hormuz, sources told Reuters.

In Qatar, the index ⁠fell 0.4%, hit by a 1.7% slide in petrochemical maker Industries Qatar . Egypt, Bahrain, and Kuwait remained closed for the Eid holiday. Saudi Arabia rose 0.5% to ‌11,078 Qatar fell 0.4% to 10,555 Oman down 0.2% to ⁠7,757.

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