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MIDEAST STOCKS-Gulf stocks mixed after Iran denies US talks, Qatar continues decline
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MIDEAST STOCKS-Gulf stocks mixed after Iran denies US talks, Qatar continues decline
Mar 24, 2026 1:50 AM

(Adds stocks movement of Saudi and Qatari markets)

March 24 (Reuters) - Gulf stock markets struggled for

direction in early trading on Tuesday, with Qatar extending fall

amid mixed messages on U.S.-Iran talks after President Donald

Trump delayed strikes on Iran's energy infrastructure.

Trump's decision on Monday was because of what he described

as productive talks with Iranian officials. Iran, however,

denied that it had engaged in negotiations with the U.S..

The U.S. will continue its strikes on Iran, with the pause

applying only to attacks on Tehran's energy sites, Semafor

reported on Monday, citing a U.S. official.

The report said Israel was not party to Washington's talks

with Tehran.

The ongoing regional conflict has driven sharp increases in

energy prices, disrupted air travel, and severely impacted

shipping operations through the Strait of Hormuz.

Dubai's main index pared early gains to trade 2.5%

up, supported by gains in heavyweight real estate and

communication services stocks.

Dubai's blue-chip developer Emaar Properties

climbs 4.4% and telecom operator Emirates Integrated

Telecommunications jumps 3.7%.

In Abu Dhabi, the index also trimmed its initial

gains to trade 0.5% up, with utility firm Abu Dhabi National

Energy advancing 5.1%, while Emirates

Telecommunications Group increasing 2.7%.

However, Saudi Arabia's benchmark index slipped 0.4%

in early trade, dragged down by a 3.8% decline in Saudi Arabian

Mining Company (Ma'aden) and 1.7% drop in oil behemoth

Saudi Aramco.

Saudi oil and gas drilling services provider Ades Holding

gained 3.9% after the firm increased its FY2026 EBITDA

guidance range to SAR 4.50-4.87 billion, a 33% to 44% hike from

last year.

Qatar's share index tumbled 1.1%, extending losses

from previous session on March 18, led by a heavy fall in

financial and energy stocks.

Gulf's largest lender Qatar National Bank dipped

1.6%, while energy shipper Qatar Gas Transport (Nakilat)

slumped 3.4%.

With the war raging and shipments of about one-fifth of the

world's oil and liquefied natural gas through the Strait of

Hormuz still curtailed, oil prices resumed their climb on

Tuesday.

Brent Crude was up 1.4 % at $101.28 a barrel by 0812

GMT.

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