Major stock markets in the Gulf were up in early trade on Thursday on higher oil prices while investors awaited the outcome of ceasefire overtures between Israel and Hamas, the Palestinian group that rules Gaza.
US Secretary of State Antony Blinken said he saw room for negotiation after Israeli Prime Minister Benjamin Netanyahu on Wednesday rejected Hamas’ latest offer.
Oil prices, a catalyst for the Gulf’s financial markets, extended gains with Brent rising 0.4% to $79.54 a barrel by 0740 GMT.
Dubai’s benchmark stock index advanced 0.6%, helped by gains in most sectors, with Gulf Navigation increasing 3% and Mashreqbank rising 2%.
Gulf markets gain on optimism over de-escalation in regional tensions
The Qatari benchmark index was up 0.2%, supported by a gain of 1.1% in Qatar Islamic Bank and a 1.8% rise in Baladna. Saudi Arabia’s benchmark stock index edged up 0.2%, lifted by gains in almost all sectors.
The world’s largest Islamic lender, Al Rajhi Bank, added 0.5% and Saudi Awwal Bank surged 2.7%.
The lender reported a 45.1% jump in full-year net profit. In Abu Dhabi, the benchmark stock index inched up 0.1%, with conglomerate International Holding Co adding 0.1% and ADNOC Logistics gaining 0.5%.
However, energy firm Dana Gas slipped 1.2% after reporting a 12% drop in full-year profit.
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