Gulf shares up as Israel-Iran ceasefire holds

DUBAI: Stock markets in the Gulf closed higher on Thursday amid steady oil prices as a ceasefire between Israel and Iran appeared to be holding for a second day.

Markets have been soothed by the ceasefire after 12 days of strikes on each other’s territory. US President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week.

Dubai’s benchmark stock index extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank climbed 4.9% and tolls operator Salik advanced 2.2%. The Abu Dhabi benchmark index rose 0.8%, aided by a 7.6% surge in RAK Properties and a 4.3% gain for Abu Dhabi Islamic Bank.