Most major Gulf equities edged higher on Monday after worries about a ‍potential U.S.-Iran confrontation eased, while ‍upbeat corporate earnings added to investor optimism.

Iran and the U.S. pledged to ​continue their talks, following what both sides described as positive discussions. That eased the concern that a failure ⁠to reach a deal might nudge the Middle East closer to war, as the U.S. has positioned ⁠more military forces ‌in the area.

Dubai's benchmark stock index extended its rally to a sixth straight session and rose 1.3% to 6,774, a fresh record high since 2006. Emaar ⁠Properties gained 2.8%, while Dubai Investments climbed 4.3%.

"Dubai is currently benefiting from a perfect mix of high liquidity and sector-specific booms," said Samer Hasn, senior market analyst at XS.com.

The Abu Dhabi benchmark index advanced 0.6%, led by consumer discretionary, consumer staples and real estate. Aldar Properties jumped ⁠5.2% to 10.86 dirhams per share, ​its highest level in over 17 years. The blue-chip developer reported a 49% increase in fourth-quarter net profit and proposed a ‍full-year cash dividend of 0.205 dirham per share, an increase of 10.8%.

Americana Restaurants International surged 14.7%, the sharpest daily percentage ​jump since listing in 2022. The dual-listed operator posted a 38% rise in full-year net profit. On Sunday, it signed an agreement with a Lebanese quick-service restaurant brand Malak Al Tawouk (MAT), to operate and develop MAT in 13 markets.

The Qatari benchmark index closed 0.8% higher with all of its constituents posting gains. Qatar Navigation added 3.2%, and United Development Co rose 3.9% after reporting higher full-year net profit. Saudi Arabia's benchmark stock index eased 0.2% with Saudi National Bank falling 1.6% and Saudi Arabian Mining Company shedding 0.9%.

Outside the Gulf, Egypt's blue-chip index inched up 0.5%, supported by a 2.7% jump ⁠in Eastern Company and a 2.4% gain in Telecom Egypt.

Meanwhile, ‌Egypt has signed a record $3.5 billion agreement to allocate 410 megahertz of new spectrum to its four mobile operators including Telecom Egypt, the cabinet said in a statement on Saturday.

  • SAUDI ARABIA down 0.2% to ‌11,195
  • KUWAIT lost 0.2% ⁠to 9,312
  • QATAR rose 0.8% to 11,502
  • EGYPT up 0.5% to 50,294
  • BAHRAIN lost 0.2% to 20,56
  • OMAN gained 3% to 6,761
  • ABU DHABI up 0.6% to10,629
  • DUBAI rose ⁠1.3% to 6,774

(Reporting by Md Manzer Hussain; Editing by Harikrishnan Nair)