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Most stock markets in the Gulf rose in early trading on Monday after lawmakers in Washington reached a tentative agreement on the U.S. debt ceiling deal, although concerns about more Federal Reserve interest rate hikes capped gains.

U.S. President Joe Biden and House Speaker Kevin McCarthy forged an agreement at the weekend to suspend the $31.4 trillion debt ceiling and cap government spending for two years. Both leaders expressed confidence that members of the Democratic and Republican parties will vote to support the deal.

Saudi Arabia’s benchmark index gained 0.2%, helped by a 1.8% rise in Riyad Bank and a 0.9% increase in Alinma Bank.

Among other gainers, United Electronics climbed about 4% after Reuters cited two sources familiar with the matter as saying the firm is planning an initial public offering of its Islamic consumer finance business, Tasheel Finance.

Dubai’s main share index added 0.5%, with sharia-compliant lender Dubai Islamic Bank putting on 1.4%.

Most Gulf markets end lower, Egypt ekes out gains

In Qatar, the index was up 0.2%, with Qatar Navigation rising 1.9%.

Crude prices - a key catalyst for the Gulf’s financial markets - rose on the U.S. debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer.

Prices gained following the U.S. debt ceiling talks and after Saudi energy minister Abdulaziz bin Salman warned short-sellers betting that oil prices will fall to “watch out” for pain.

The Abu Dhabi index bucked the trend, trading 0.2% lower.

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