LONDON: Major stock markets in the Gulf rose in early trade on Wednesday, on course to extend gains from the previous session when they registered sharp gains following a ceasefire between Israel and Iran.
The ceasefire brokered by US 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 0.2 percent, helped by a 1 percent rise for Saudi National Bank, the country’s biggest lender by assets.
Elsewhere, Specialized Medical Company opened 0.2 percent lower in debut trade.
Oil prices climbed as investors assessed the stability of a ceasefire, while support also came from market expectations that US interest rate cuts could happen soon.
The Fed’s decision affects monetary policy in the Gulf, where most currencies, including the Saudi riyal, are pegged to the US dollar.
Dubai’s main share index gained 0.4 percent, with top lender Emirates NBD rising 2 percent.
In Abu Dhabi, the index was up 0.1 percent.
The Qatari index increased 0.3 percent, with the Gulf’s biggest lender Qatar National Bank gaining 0.9 percent.
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.
