(Reuters) – Most major stock markets in the Gulf edged higher in early trade on Wednesday as a potential ceasefire between Israel and Hezbollah lifted investor sentiment, although the Qatari index bucked the trend to trade lower.
A deal that would stop the fighting between Israel and Hezbollah could be achieved within a few weeks, Israeli and U.S. officials said, according to Axios.
A senior Hamas official said on Tuesday the Palestinian militant group was studying new proposals from mediators to end the Gaza war but reiterated that these should entail a complete Israeli military withdrawal from the enclave.
Saudi Arabia’s benchmark index added 0.1% in a choppy trade, helped by a 0.7% rise in aluminium products manufacturer Al Taiseer Group.
Meanwhile, OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, is scheduled to raise output by 180,000 barrels per day (bpd) in December. The group has cut output by a total of 5.86 million bpd, equivalent to about 5.7% of global oil demand.
Saudi Arabia’s Energy Minister Prince Abulaziz bin Salman said on Tuesday the country was “committed” to maintaining crude capacity at 12.3 million bpd.
Dubai’s main share index gained 0.3%, led by a 3.6% leap in toll operator Salik Company and a 1.1% increase in top lender Emirates NBD.
Dubai approved a 2025-2027 budget on Tuesday with 272 billion dirhams ($74 billion) of expenditure, the biggest in the emirate’s history, against revenues of 302 billion dirhams, its ruler, Sheikh Mohammed bin Rashid al-Maktoum, said on X.
In Abu Dhabi, the index added 0.2%.
The Qatari benchmark lost 0.3%, hit by a 1.2% fall in Qatar Islamic Bank.
However, petrochemical maker Industries Qatar rose 0.4% following an increase in nine-month net profit.
($1 = 3.6729 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Mark Potter)
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