Most Middle East stock markets rebounded in early trade on Monday as scheduled talks between Iranian leaders and officials from Saudi Arabia, Turkey and Pakistan raised hopes of easing tensions. The Saudi index jumped 2.5%, heading for its first gain in six sessions, while Egypt also erased its early losses.
Summary
Companies
Saudi index heads for first gain in six sessions
Saudi, Turkish and Pakistani officials to meet Iranian leaders in Tehran
Egypt erases early losses after sharp selloff in the previous session
Oct 26 (Reuters) - Most Middle East stock markets rebounded in early trade on Monday, as scheduled talks between Iranian leaders and officials from Saudi Arabia, Turkey and Pakistan raised hopes of easing tensions between the US and Iran.
The talks, set to take place in Tehran on Monday, will be the first high-level contact between the four countries since Saudi Arabia became a pressure point in the wider Iran conflict.
Sign up here.
Qatari mediators also travelled to Tehran on Sunday. Earlier mediation efforts involving both Pakistan and Qatar helped produce an interim peace agreement in June, but the deal quickly unravelled.
The Saudi benchmark index (.TASI), opens new tab jumped 2.5%, heading for its first gain in six sessions and leading equities in the region.
Index heavyweight Saudi Aramco (2222.SE), opens new tab gained 1.3%, while the world's largest Islamic lender, Al Rajhi Bank (1120.SE), opens new tab, rose nearly 3%.
On the energy front, Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027 to bolster regional supply security, the two countries' energy ministers said on Monday, as the war disrupted Asia-bound shipments through the Strait of Hormuz.
In Qatar, the benchmark index (.QSI), opens new tab climbed 1.8%, extending the previous session's marginal gains, with every constituent in positive territory. Industries Qatar (IQCD.QA), opens new tab surged 2.4%, while the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab, advanced 1.3%.
Dubai's benchmark index (.DFMGI), opens new tab was flat after falling 1.4% in the previous session. The Abu Dhabi index (.FTFADGI), opens new tab added 0.4% after a 1.2% drop in the last session.
Aldar Properties (ALDAR.AD), opens new tab rose 0.7% ahead of its third-quarter earnings, due later on Monday. Abu Dhabi Commercial Bank (ADCB.AD), opens new tab gained 2.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab traded 0.6% higher after tumbling 3.6% in the previous session.
Healthcare and consumer staples stocks led gains, with Edita Food Industries (EFID.CA), opens new tab rising 4.7%.