Most stock markets in the Gulf ended higher on Thursday, helped by hopes for a potential ceasefire deal between Israel and Hezbollah.
Lebanon’s prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel’s public broadcaster published what it said was a draft agreement providing for an initial 60-day truce.
The push for a ceasefire for Lebanon is taking place alongside a similar diplomatic drive to end hostilities in Gaza.
In Qatar, the index gained 0.6%, led by a 0.8% rise in the Gulf’s biggest lender Qatar National Bank and a 3.3% jump in Qatar Navigation.
The Abu Dhabi index closed 0.4% higher, with conglomerate International Holding gaining 0.7%.
Saudi Arabia’s benchmark index gave up early gains to conclude higher.
Oil prices — a catalyst for the Gulf’s financial markets — stabilised after rallying the previous day on stronger-than-expected U.S. fuel demand and reports that producer group OPEC+ could delay a planned output increase.
Most Gulf markets gain on earnings; geopolitics weigh
Manufacturing activity in China, the world’s biggest oil importer, expanded for the first time in six months in October, suggesting stimulus measures are having an effect.
Outside the Gulf, Egypt’s blue-chip index added 0.9%, as most of its constituents gained, including Ezz Steel Co, which was up 3.6%.
The International Monetary Fund’s $8 billion programme for Egypt is making progress, with the fund’s top regional official stating that any discussions to further increase the overall programme size are premature.
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SAUDI ARABIA was flat at 12,022
ABU DHABI rose 0.4% to 9,328
DUBAI dropped 0.3% to 4,591
QATAR gained 0.6% to 10,524
EGYPT up 0.9% to 30,658
BAHRAIN finished flat at 2,019
OMAN eased 0.2% to 4,749
KUWAIT added 0.7% to 7,871
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Source: Brecorder
