Major Gulf markets gain on easing regional conflict

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Major stock markets in the Gulf rose in early trade on Wednesday on course to extend gains from the previous session when they registered sharp gains following a ceasefire between Israel and Iran.The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now.Saudi Arabia's benchmark index TADAWUL:TASI added 0.2%, helped by a 1% rise for Saudi National Bank TADAWUL:1180, the country's biggest lender by assets.Elsewhere, Specialized Medical Company TADAWUL:4019 opened 0.2% lower in debut trade.Oil prices climbed as investors assessed the stability of a ceasefire, while support also came from market expectations that U.S. interest rate cuts could happen soon.The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.Dubai's main share index DFM:DFMGI gained 0.4%, with top lender Emirates NBD DFM:EMIRATESNBD rising 2%.In Abu Dhabi, the index ADX:FADGI was up 0.1%.The Qatari index QSE:GNRI increased 0.3%, with the Gulf's biggest lender Qatar National Bank QSE:QNBK gaining 0.9%.Qatar reopened its airspace after a brief suspension, its civil aviation authority said early on Tuesday, following a missile attack by Iran on an American air base in Qatar on Monday that caused no injuries.

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