Gulf equities gain following reports of US-Iran ceasefire proposal

DUBAI: Most Gulf stock markets ended higher on Wednesday, with Dubai leading regional gains, as optimism over a possible ceasefire grew following reports that Washington had submitted a 15-point proposal to Tehran aimed at ending the war.

US President Donald Trump said on Tuesday that efforts to negotiate an end to the conflict were making progress.

A source confirmed to Reuters that the US had sent Iran the proposal, while Israel’s Channel 12, citing sources, reported that Washington was seeking a month-long ceasefire to allow discussions on the plan.

Tehran denied that any direct talks had taken place, and the official IRNA news agency quoted an armed forces spokesperson on Wednesday as saying the US was “negotiating with itself”. Israel and Iran exchanged airstrikes on Wednesday.

Dubai’s main share index jumped 4.2 percent, its biggest intraday gain since December 2024, with blue-chip developer Emaar Properties surging 7.6 percent and top lender Emirates NBD climbing 6.8 percent.

In Abu Dhabi, the index concluded 2 percent higher, with Aldar Properties leaping 6.1 percent while ADNOC Logistics climbed 4.2 percent.

The maritime logistics provider said recent developments in the region had not materially impacted its global operations and that it remains financially strong and fully operational across all divisions.

The Qatari index advanced 1.4 percent, led by a 3.1 percent rise in Qatar Islamic Bank.

Saudi Arabia’s benchmark index finished 1.2 percent higher, with the country’s biggest lender by assets Saudi National Bank rising 2.2 percent.

Elsewhere, oil major Saudi Aramco added 0.8 percent.

Crude exports from Saudi Arabia’s Red Sea port of Yanbu climbedto nearly 4 million barrels per day last week, shipping data showed, underscoring Aramco’s progress in rerouting supplies through its East-West pipeline to bypass Hormuz disruptions caused by the Iran war.

Oil prices sank about 5 percent on hopes the US proposal to Iran could help end the war and ease regional supply risks.

Outside the Gulf, Egypt’s blue-chip index closed 1.2 percent higher, with Commercial International Bank rising 1.5 percent.

US company Apache Corporation has made a new natural gas discovery in Egypt’s Western Desert, the petroleum ministry said on Tuesday, with expected output of about 26 million cubic feet of gas per day.