Major Gulf markets gain as US debt deal spurs optimism

Major stock markets in the Gulf rose in early trade on Tuesday as investors cheered the prospect of the world's largest economy averting a major debt default, reports Reuters.
A weekend deal to lift the $31.4 trillion debt limit announced by the White House and House Republicans would avert a catastrophic US default and boost overall appetite for risk.
Saudi Arabia's benchmark index gained 0.6 per cent, with Dr Sulaiman Al-Habib Medical Services climbing 1.2 per cent and Riyad Bank advancing 1.5 per cent.
Separately, Saudi Arabia's First Milling Company said on Tuesday it aimed to raise 999 million riyals ($266.39 million) from its initial public offering after it set the share price at the top end of a previously announced range.
The company was the first of several flour milling privatizations in Saudi Arabia, sold to Raha AlSafi consortium for $540 million in 2020.
Dubai's main share index added 0.2 per cent, helped by a 2.1 per cent rise in blue-chip developer Emaar Properties and a 1.7 per cent increase in toll-operator Salik Co.
In Abu Dhabi, the index rose 0.7 per cent.
The Qatari benchmark edged 0.1 per cent higher in a choppy trade, with Vodafone Qatar adding 0.1 per cent.
Meanwhile, crude - a key catalyst for the Gulf's financial markets - fell, giving up earlier gains as concerns about the viability of the US debt ceiling pact cooled investors' risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.