Most Gulf shares gain as Gaza ceasefire hopes rise; Egypt snaps losing streak

Jan 14 (Reuters) – The Qatar stock index led most Gulf equities higher on Tuesday as hopes for a Gaza ceasefire rose after mediators reported a “breakthrough” in Doha talks.

Negotiators were hoping to finalise details of a plan to end the war in Gaza, after U.S. President Joe Biden indicated a ceasefire and hostage release deal was imminent.

The Qatari benchmark index (.QSI), opens new tab snapped a three-session losing streak with a rise of 1.6%, its biggest daily gain in over two months with almost all its shares higher. Qatar Gas Transport (QGTS.QA), opens new tab climbed 6.2% and Qatar National Bank (QNBK.QA), opens new tab gained 2.1%, its biggest advance in four months.

QNB, the region’s largest lender, on Monday posted a 10% rise in fourth-quarter net profit, beating analysts’ estimates, according to data compiled by LSEG.

Qatar Islamic Bank (QISB.QA), opens new tab rose 2.5% a day ahead of the country’s largest Islamic lender’s earnings report.

Saudi Arabia’s benchmark index (.TASI), opens new tab rose 0.5%, lifted by broad gains across almost all its sectors. ACWA Power (2082.SE), opens new tab added 1.2% and Riyad Bank (1010.SE), opens new tab advanced 1.8%.

The kingdom’s third biggest lender, Riyad Bank, is exploring an initial public offering of its investment banking arm Riyad Capital at a $2.5 billion valuation, Bloomberg has reported.

Nice One Beauty Digital Marketing (4193.SE), opens new tab rose 9.8% to 54.30 riyals per share, its highest since listing last Wednesday.

The online cosmetics retailer raised $320 million in its IPO by offering 34.7 million shares.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab was up 0.4%, with almost all its sectors in positive territory. Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab gained 4.9% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab added 2.9% while Aldar Properties fell 0.5%.

Blue-chip developer Aldar said on Monday it had raised 9 billion dirhams ($2.45 billion) via a sustainability-linked syndicated revolving credit facility.

Dubai’s benchmark index (.DFMGI), opens new tab edged up 0.3%, pushed higher by the communications, industry and finance sectors.

Aramex (ARMX.DU), opens new tab rallied for a second day, adding 7.6% to 2.85 dirhams per share, its highest level in more than a year. Abu Dhabi sovereign wealth fund ADQ said on Monday it planned to launch a cash takeover offer for the courier firm, bidding for the shares it does not already own.

Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab rose 1.4% after five consecutive sessions of losses. Commercial International Bank (COMI.CA), opens new tab rose 1.8% and Talaat Moustafa Group (TMGH.CA), opens new tab was 8.3% higher.

($1 = 3.6727 UAE dirham)