Major stock markets in the Gulf rose in early trade on Monday, helped by the ceasefire deal between Israel and Palestinian militant group Hamas, while investors awaited key policy announcements from Donald Trump’s incoming administration.
Hamas released three Israeli hostages and Israel released 90 Palestinian prisoners on Sunday, the first day of a ceasefire suspending a 15-month-old war that has devastated the Gaza Strip and inflamed the Middle East.
Saudi Arabia’s benchmark index gained 0.3%, led by a 2.8% rise in ACWA Power Company and a 0.2% increase in Al Rajhi Bank.
Dubai’s main share index added 0.2%, with blue-chip developer Emaar Properties gaining 0.8%.
Trump, who will be inaugurated later on the day, is widely expected to make a flurry of policy announcements in the first hours of his second term as US President. The Abu Dhabi stock index added 0.1%.
Most Gulf markets gain on US manufacturing growth
However, oil prices fell as expectations of Trump relaxing curbs on Russia’s energy sector in exchange for a deal to end the Ukraine war offset concerns of supply disruption from harsher sanctions.
The Qatari benchmark rose 0.5%, with petrochemical maker Industries Qatar advancing 1.4% and the Gulf’s biggest lender Qatar National Bank adding 0.3%.
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