Most Gulf stock markets saw gains, with focus on Iran and Trump's visit to China.
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May 13 (Reuters) - Most Gulf stock markets rose slightly in early trading on Wednesday as investors focused on a fragile ceasefire in the Middle East and a crucial meeting expected in China between U.S. President Donald Trump and his Chinese counterpart Xi Jinping.
US Treasury Secretary Scott Bisent said the two presidents would discuss the war with Iran, and asked China to "join us in this international process" to open the Strait of Hormuz to international shipping.
But despite Beijing working behind the scenes to persuade Iran to hold peace talks with the United States in Pakistan last month, analysts say it will not act solely at Washington's behest.
Saudi Arabia’s benchmark index rose 0.2 percent, with Al Rajhi Bank shares advancing 0.8 percent and shares of National Bank of Saudi Arabia, the country’s largest bank, climbing 0.5 percent.
In Abu Dhabi, the index rose 0.3 percent, with ADNOC Drilling shares climbing 1.6 percent after the company’s chief financial officer told Reuters on Tuesday that the company was ready to help boost the UAE’s oil production capacity beyond the current target of five million barrels per day by 2027 if given the green light.
The Qatari index rose 0.1 percent.
Brent crude futures fell $1.47, or 1.4 percent, to $106.30 a barrel by 0630 GMT.
Dubai's main index fell 0.7 percent, with leading real estate firm Emaar Properties' stock dropping 1 percent.
