Major stock markets in the Gulf rose in early trade on Monday after Israel said it had “concluded” a series of strikes on southern Gaza.
The Israeli military said on Monday it had conducted a “series of strikes” on southern Gaza that have now “concluded,” days after Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas.
Saudi Arabia’s benchmark index gained 0.2%, led by a 4% rise in Saudi Arabian Mining Co and a 2.6% increase in ACWA Power.
Dubai’s main share index rose 0.2%, with blue-chip developer Emaar Properties increasing 0.8%, while top lender Emirates NBD was up 0.9%.
Also helping sentiment, Kuwait and the United Arab Emirates have signed an agreement to avert double taxation between the two countries, Kuwait News Agency (KUNA) reported on Sunday.
In Abu Dhabi, the main share index was flat.
Most Gulf markets in black on Fed rate cut bets
However, ADNOC Gas advanced 1.9%, after reporting a sharp rise in quarterly net profit.
Oil prices fell in early Asian trade after the Israeli announcement which slightly eased concerns about supply from the Middle East.
The International Monetary Fund said on Sunday Middle East economies were lagging growth projections due to oil production cuts and the Israel-Hamas conflict, even as the global economic outlook remained resilient.
The Qatari benchmark added 0.3%, with Qatar Gas Transport (Nakilat) jumping 8.4%, on course to extend gains from the previous session when it rose 10%.
On Saturday, QatarEnergy said it has selected Nakilat to be the owner and operator of up to 25 conventional-size LNG carriers.
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