Most GCC equity indices jump in early trade as ceasefire comes into effect
GCC equity markets rose in early trade on Tuesday as a ceasefire in the 12-day war between Iran and Israel came into effect today.
Dubai's DFM general Index rose 2.9% soon after open, powered by Air Arabia which surged more than 6.2% to 3.39 dirhams ($0.92).
'Today's jump in the markets is a reaction to the positive developments in the geopolitical space. The Dubai index is already near pre-conflict level,' Nishit Lakhotia, Head of Research at Bahrain-based investment bank SICO, told Zawya.
The Abu Dhabi Securities Exchange (ADX) also rose 1.8% soon after open. Aldar Development was the star performer, rising 7.5% to AED 8.7.
Elsewhere in the GCC, Qatar's main index QSI was up 2% in early trade. Saudi Arabia's TASI index rose 1.3%
Kuwait bourse rose nearly 2%, led by Jazeera Airlines, which jumped 8.8%. Bahrain's All Share Index was 1.7% higher.
Regional airline stocks in particular had taken a beating over the last few days as the missile attacks led to flight cancellations and closed airspaces.
'In terms of sectors – airlines will see an immediate recovery as air space opens and travel recovers in the busy summer month. However, Q2 will see the impact of the of the last 12 days,' said Lakhotia.
While airline stocks may rebound faster than the broader market, they are unlikely to surpass pre-conflict levels immediately, he added.
Oman's Muscat Stock Exchange was the only underperformer, with the MSX30 declining 0.3%.
The US President Donald Trump on Monday night stated that Iran and Israel had agreed to a ceasefire and that it was in effect.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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