Major Gulf bourses retreat on US-Iran tensions

Major Gulf stock markets retreated in early trade on Thursday as investors assessed efforts by the US and Iran to de-escalate tensions through talks over Tehran's nuclear programme, even as both sides stepped up military activity in the region, reports Reuters.
The White House said on Wednesday that this week's Geneva talks with Iran yielded modest progress, though gaps persisted on certain issues. Officials noted that Tehran is anticipated to return with additional details within the next two weeks.
According to the US Federal Aviation Administration website, Iran has issued a notice to airmen announcing planned rocket launches across southern regions on Thursday between 0330 GMT and 1330 GMT.
Satellite images show that Iran has recently built a concrete shield over a new facility at a sensitive military site and covered it in soil, experts say, advancing work at a location reportedly bombed by Israel in 2024 amid tensions with the US
The US has positioned warships in proximity to Iran, with Vice President JD Vance stating that Washington is considering whether to maintain diplomatic talks with Tehran or explore "another option."
Saudi Arabia's benchmark stock index dropped 0.9 per cent, dragged down by a 0.9 per cent fall in Al Rajhi Bank and a 1.5 per cent decline in the country's biggest lender, Saudi National Bank.
Dubai's main share index fell 0.9 per cent, with blue-chip developer Emaar Properties losing 1.8 per cent and top lender Emirates NBD retreating 1.5 per cent.
In Abu Dhabi, the index slid 0.9 per cent.
The Qatari index tumbled 1.6 per cent, with all constituents in negative territory. Qatar National Bank was down 2.2 per cent.