MIDEAST STOCKS-Most Gulf stocks edge higher on US-Iran deal

Quantum-Si Incorporated Class A
Baxter International Inc.

Quantum-Si Incorporated Class A

QSI

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Baxter International Inc.

BAX

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By Md Manzer Hussain

- Most Gulf stock markets edged higher in early trade on Thursday, as an interim ceasefire agreement between the United States and Iran improved investor sentiment.

U.S. President Donald Trump and his Iranian counterpart signed an accord on Wednesday aimed at ending the war, with Trump warning that Washington would resume attacks and target Iranian officials if Tehran failed to honour its commitments.

Dubai's main index .DFMGI rose 0.8%, led by real estate, industrial and financial stocks. Developer Emaar Properties EMAR.DU gained 2%, while Emirates NBD Bank ENBD.DU added 1.3%.

NBD Bank, Dubai's largest lender, said it had completed the acquisition of a majority stake in India's RBL Bank through a primary infusion of about $2.75 billion.

Among other gainers, low-cost carrier Air Arabia AIRA.DU advanced 3.8%, while exchange operator Dubai Financial Market DFM.DU jumped 4% after Dubai Media Office said in a post on X that the market's capitalisation had exceeded 1 trillion dirhams on Wednesday.

Abu Dhabi's benchmark index .FTFADG advanced 0.5%, with conglomerate Alpha Dhabi Holding ALPHADHABI.AD rising 3.3% and real estate developer Aldar Properties ALDAR.AD climbing 2%.

Saudi Arabia's benchmark stock index .TASI inched up 0.1%, helped by gains in materials, real estate and financial shares. Saudi Energy Company 5110.SE rose 1.7%, while Specialized Medical Company 4019.SE climbed 4.6% after the healthcare provider won a project from the Ministry of Health with an estimated value of about 3.8 billion riyals ($1.01 billion).

Saudi Aramco 2222.SE fell 0.4% following a report that the oil giant was considering selling a stake in its sulphur business in a deal that could raise upto $7 billion.

The Qatari benchmark index .QSI was little changed, as Industries Qatar IQCD.QA added 0.8%, while Qatar National Bank QNBK.QA, the region's largest lender, slipped 0.6%.

($1 = 3.7532 riyals)