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.
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