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Major Gulf markets jump after Israel-Iran ceasefire
Major Gulf markets jump after Israel-Iran ceasefire
About this update from Al Rajhi Bank
Major stock markets in the Gulf advanced in early trade on Tuesday with risk appetite improving after U.S. President Donald Trump said Iran and Israel had agreed to a ceasefire.Trump announced a complete ceasefire, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the region.Saudi Arabia's benchmark index TADAWUL:TASI rose 2.1%, led by a 1.9% rise in Al Rajhi Bank TADAWUL:1120 and a 2.1% increase in the country's biggest lender Saudi National Bank TADAWUL:1180.Elsewhere, recently-listed Flynas TADAWUL:4264 surged more than 7% to 79.80 riyals.However, oil behemoth Saudi Aramco TADAWUL:2222 declined 1.7%, while fertilizers firm SABIC Agri-Nutrients Company TADAWUL:2020 retreated 1.1%.Oil prices hit their lowest in two weeks after Israel agreed to Trump's proposal, alleviating worries of supply disruptions in the Middle East, a major oil-producing region.Brent crude futures ICEEUR:BRN1! were down $3.82, or 5.3%, at $67.66 a barrel at 0645 GMT.Dubai's main share index DFM:DFMGI jumped 3.1% - its biggest intraday rise since mid-December if the gains hold - buoyed by a 4.7% rise in blue-chip developer Emaar Properties DFM:EMAAR.Among other gainers, budget airliner Air Arabia DFM:AIRARABIA soared 7.2% - its biggest single-day rise in over three years if the gains persist.Israel has agreed to Trump's proposal for a ceasefire with Iran after it achieved its goal of removing Tehran's nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu said in a statement posted by his office on Tuesday.In Abu Dhabi, the index ADX:FADGI gained 2.2%, led by a 8.3% leap in Aldar Properties ADX:ALDAR.The benchmark index QSE:GNRI in Qatar climbed more than 2%, with Qatar Islamic Bank QSE:QIBK rising 2.2%.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.