Mideast Stocks: Most Gulf markets gain on Iran-Israel truce
Most stock markets in the Gulf edged higher on Wednesday, extending gains from previous sessions when they rose sharply following a ceasefire between Israel and Iran. The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now.
Saudi Arabia's benchmark index added 0.1% in choppy trade, helped by a 1% rise in Saudi National Bank, the country's biggest lender by assets. The recent rally was fuelled by reduced geopolitical tensions following the ceasefire, which encouraged investors to return to riskier assets, said George Pavel General Manager at Naga.com Middle East. Oil prices recovered a little after sliding earlier this week, as investors assessed the stability of the ceasefire, while support also came from data that showed U.S. demand was relatively strong.
Traders and analysts also saw some support from market expectations that the Federal Reserve could soon cut U.S. interest rates.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. Dubai's main share index added 0.4%, led by a 1.3% rise in top lender Emirates NBD. In Abu Dhabi, the index finished 0.2% higher.
The Qatari index advanced 1.1%, boosted by a 1.8% gain in the Gulf's biggest lender Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index climbed 1.2%, hitting its highest since March 2024, with Commercial International Bank closing 1.3% higher. Egypt's prime minister said gas supplies would resume to factories on Friday after being halted in recent days because tensions in the Middle East led to a shortage, a cabinet statement said on Wednesday.
SAUDI ARABIA up 0.1% to 10,974
Abu Dhabi rose 0.2% to 9,811
Dubai added 0.4% to 5,613
QATAR gained 1.1% to 10,644
EGYPT up 1.2% to 33,003
BAHRAIN was up 0.5% to 1,921
OMAN lost 0.6% to 4,514
KUWAIT added 0.7% to 8,963
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