Most stock markets in the Gulf ended higher on Tuesday, as investors took stock of a potential ceasefire between Israel and the Iran-backed Hezbollah.
A ceasefire deal looked imminent on Tuesday, Israeli and Lebanese officials said, clearing the way for an end to the conflict that has killed thousands of people since it was ignited by the Gaza war 14 months ago.
Signs of a diplomatic breakthrough have been accompanied by a military escalation. Israeli airstrikes on Tuesday demolished more of Beirut’s Hezbollah-controlled southern suburbs, while the armed group has kept up rocket fire into Israel.
Dubai’s main share index advanced 1.3%, extending gains from the previous session, led by a 2.9% rise in blue-chip developer Emaar Properties.
In Abu Dhabi, the index added 0.7%.
Gulf bourses end mixed as oil prices slip
Oil prices – a catalyst for the Gulf’s financial markets – recovered slightly from the previous session’s 2.8% drop as investors mulled the implications of a potential ceasefire between Israel and Hezbollah.
Saudi Arabia’s benchmark index, however, fell 0.4%, hit by a 1.2% fall in aluminium products manufacturer Al Taiseer Group.
Outside the Gulf, Egypt’s blue-chip index edged 0.1% higher, with Commercial International Bank rising 0.9%.
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SAUDI ARABIA fell 0.4% to 11,736
ABU DHABI rose 0.7% to 9,294
DUBAI leapt 1.3% to 4,829
QATAR was flat at 10,408
EGYPT up 0.1% to 30,284
BAHRAIN finished flat 2,022
OMAN gained 0.7% to 4,553
KUWAIT added 0.2% to 7,786
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Source: Brecorder
