Most Gulf markets gain on US debt ceiling deal

Most stock markets in the Gulf rose in early trading on Monday after lawmakers in Washington reached a tentative agreement on the US debt ceiling deal, although concerns about more Federal Reserve interest rate hikes capped gains, reports Reuters.
US President Joe Biden and House Speaker Kevin McCarthy forged an agreement at the weekend to suspend the $31.4 trillion debt ceiling and cap government spending for two years. Both leaders expressed confidence that members of the Democratic and Republican parties will vote to support the deal.
Saudi Arabia's benchmark index gained 0.2 per cent, helped by a 1.8 per cent rise in Riyad Bank and a 0.9 per cent increase in Alinma Bank.
Among other gainers, United Electronics climbed about 4 per cent after Reuters cited two sources familiar with the matter as saying the firm is planning an initial public offering of its Islamic consumer finance business, Tasheel Finance.