Mideast Stocks: Major Gulf markets jump after Israel-Iran ceasefire
Major stock markets in the Gulf advanced in early trade on Tuesday with risk appetite improving after U.S. President Donald Trump said Iran and Israel had agreed to a ceasefire.
Trump announced a complete ceasefire, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the region.
Saudi Arabia's benchmark index rose 2.1%, led by a 1.9% rise in Al Rajhi Bank and a 2.1% increase in the country's biggest lender Saudi National Bank.
Elsewhere, recently-listed Flynas surged more than 7% to 79.80 riyals.
However, oil behemoth Saudi Aramco declined 1.7%, while fertilizers firm SABIC Agri-Nutrients Company retreated 1.1%.
Oil prices hit their lowest in two weeks after Israel agreed to Trump's proposal, alleviating worries of supply disruptions in the Middle East, a major oil-producing region.
Brent crude futures were down $3.82, or 5.3%, at $67.66 a barrel at 0645 GMT.
Dubai's main share index jumped 3.1% - its biggest intraday rise since mid-December if the gains hold - buoyed by a 4.7% rise in blue-chip developer Emaar Properties.
Among other gainers, budget airliner Air Arabia soared 7.2% - its biggest single-day rise in over three years if the gains persist.
Israel has agreed to Trump's proposal for a ceasefire with Iran after it achieved its goal of removing Tehran's nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu said in a statement posted by his office on Tuesday.
In Abu Dhabi, the index gained 2.2%, led by a 8.3% leap in Aldar Properties.
The benchmark index in Qatar climbed more than 2%, with Qatar Islamic Bank rising 2.2%.
Qatar reopened its airspace after a brief suspension, its civil aviation authority said early on Tuesday, following a missile attack by Iran on an American air base in Qatar on Monday that caused no injuries.
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