Gulf stocks decline, and the Egypt index loses for the fifth session economy

Stock markets in the Gulf closed lower on Sunday, at a time when statements by US President Donald Trump and Iranian Foreign Minister Abbas Araqchi further diminished hopes of reaching an agreement to end attacks on ships near the Strait of Hormuz.

• The Saudi index continued its losses for the fourth session in a row and fell 0.3%, with most of the stocks listed on it declining. Shares of the materials, non-essential consumer goods and health care sectors led the declines.

• The index in Qatar fell 0.1%, and most of the stocks listed on it also declined.
• The index in Kuwait fell 0.9%
• Bahrain index fell 0.2%
• In the Sultanate of Oman, the index fell by 0.3%.

And outside the Gulf region:

• The leading stock index in Egypt fell for the fifth session in a row and recorded a decline today of 1.5%, with most of the stocks listed on it declining.

Trump said that his patience with Iran is running out, and that he agreed with his Chinese counterpart, Xi Jinping, not to allow Tehran to obtain a nuclear weapon and on the necessity of reopening the Strait.

Araqchi said on Friday that Iran “does not trust” the United States and is only interested in negotiations if Washington is serious.