Major stock markets in the Gulf ended higher on Thursday following Israel’s agreement to a ceasefire deal with Lebanon’s Hezbollah group under a deal brokered by the U.S. and France.
The agreement, a rare diplomatic feat in a region racked by conflict, ended the deadliest confrontation between Israel and the Iran-backed militant group in years. However, Israel is still fighting Hamas in the Gaza Strip.
Saudi Arabia’s benchmark index closed 0.4% higher, with the country’s biggest lender Saudi National Bank increasing 1.4%.
The Spanish government has given the green light to the kingdom’s largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%. However, STC shares finished flat.
Dubai’s main share index rose 0.4%, with Dubai Electricity and Water Authority DEWAA.DU climbing 3.1%.
Separately, Talabat, one of the largest food ordering businesses in the Middle East, is set to be the largest initial public offering (IPO) in the United Arab Emirates (UAE) this year after parent firm Delivery Hero on Wednesday announced it had increased the offering.
Most Gulf bourses in red ahead of US inflation data
The IPO on the Dubai Financial Market (DFM) could raise as much as $2 billion if priced at the top of its indicative price range of 1.5-1.6 dirhams per share.
In Abu Dhabi, the index gave up early gains to close 0.3% lower.
Oil prices were flat after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1.
OPEC+, which pumps about half the world’s oil, will meet on Dec. 5. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike due to have started in January.
The Qatari benchmark increased 0.5%, led by a 1.4% rise in the Gulf’s biggest lender, Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index advanced 1.3%, as most of its constituents were in positive territory.
------------------------------------------ SAUDI ARABIA rose 0.4% to 11,641 ABU DHABI fell 0.3% to 9,261 DUBAI added 0.4% to 4,823 QATAR gained 0.5% to 10,418 EGYPT up 1.3% to 30,242 BAHRAIN was flat at 2,032 OMAN was up 0.7% to 4,563 KUWAIT increased 0.2% to 7,751 ------------------------------------------
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