Major Gulf markets jump after Israel-Iran ceasefire
June 24 (Reuters) - 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 (.TASI), opens new tab rose 2.1%, led by a 1.9% rise in Al Rajhi Bank (1120.SE), opens new tab and a 2.1% increase in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
Elsewhere, recently-listed Flynas (4264.SE), opens new tab surged more than 7% to 79.80 riyals.
However, oil behemoth Saudi Aramco (2222.SE), opens new tab declined 1.7%, while fertilizers firm SABIC Agri-Nutrients Company (2020.SE), opens new tab 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 (.DFMGI), opens new tab 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 (EMAR.DU), opens new tab.
Among other gainers, budget airliner Air Arabia (AIRA.DU), opens new tab 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 (.FTFADGI), opens new tab gained 2.2%, led by a 8.3% leap in Aldar Properties (ALDAR.AD), opens new tab.
The benchmark index (.QSI), opens new tab in Qatar climbed more than 2%, with Qatar Islamic Bank (QISB.QA), opens new tab 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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