LONDON: Major stock markets in the Gulf advanced in early trade on Tuesday with risk appetite improving after US 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 rose 2.1 percent, led by a 1.9 percent rise in Al Rajhi Bank and a 2.1 percent increase in the country’s biggest lender Saudi National Bank.
Elsewhere, recently-listed Flynas surged more than 7 percent to 79.80 riyals.
However, oil behemoth Saudi Aramco declined 1.7 percent, while fertilizers firm SABIC Agri-Nutrients Company retreated 1.1 percent.
