Gulf Stock Markets Update

(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 proposals should entail a complete Israeli military withdrawal from the enclave.

Market Movements

• Saudi Arabia's Benchmark Index: Added 0.1% in choppy trade, aided by a 0.7% rise in aluminium products manufacturer Al Taiseer Group.
• OPEC+ Announcement: Scheduled to raise output by 180,000 barrels per day (bpd) in December. This follows previous cuts totaling 5.86 million bpd, about 5.7% of global oil demand.
• Saudi Arabia's Energy Minister: Prince Abulaziz bin Salman stated the country is "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 Budget: Approved a 2025-2027 budget with 272 billion dirhams ($74 billion) of expenditure, the largest in the emirate's history.
• Abu Dhabi Index: Added 0.2%.
• Qatari Benchmark: Lost 0.3%, impacted 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)