DUBAI: Stock markets in the Middle East ended higher on Tuesday after US President Donald Trump announced a ceasefire between Iran and Israel and shrugged off what he said were violations by both sides just hours later.
The 12-day conflict saw millions flee Tehran and prompted fears of further escalation in the region.
Saudi Arabia’s benchmark index advanced 2.4%, boosted by a 2.8% rise in Al Rajhi Bank and a 3.2% increase in the country’s biggest lender Saudi National Bank .
Among other gainers, recently-listed Flynas jumped 6.6% to 79.20 riyals.
The Gulf markets continued to recover today with strong gains, boosted by news of the ceasefire, which improved market sentiment and helped investors regain their risk appetite, said Osama Al Saifi, Managing Director for MENA at Traze.
On the other hand, oil behemoth Saudi Aramco declined 1.6%, while fertilizers firm SABIC Agri-Nutrients Company retreated 4.6%.