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Major Gulf markets get on Israel-Hezbollah ceasefire hopes

The majority of major stock exchange in the Gulf increased in early trade on Thursday, buoyed by wish for a potential ceasefire offer in between Israel and Hezbollah.

Lebanon's prime minister revealed hope on Wednesday that a. ceasefire handle Israel would be announced within days as. Israel's public broadcaster published what it said was a draft. arrangement offering a preliminary 60-day truce.

The push for a ceasefire for Lebanon is taking place. alongside a similar diplomatic drive to end hostilities in Gaza.

Saudi Arabia's benchmark stock index acquired 0.2%,. with ACWA Power Company advancing 3.9% and aluminium. products maker Al Taiseer Group up 0.2%.

Riyadh Air, the kingdom's most recent airline, said on Wednesday. it had put an order for 60 Airplane narrowbody. A321-family jets as it prepares to start operations in 2025.

Dubai's main share index edged 0.1% greater, with. Emirates Central Cooling Systems Corp rising 2.4%.

The Qatari benchmark included 0.4%, led by a 1.9% increase. in petrochemical maker Industries Qatar.

Oil costs - a driver for the Gulf's financial markets -. extended a rally from Wednesday, helped by U.S. fuel demand. following an unexpected drop in crude and fuel inventories.

Manufacturing activity in China, the world's greatest oil. importer, broadened in October for the first time in 6 months,. suggesting that stimulus measures are having an effect.

In Abu Dhabi, the stock index relieved 0.2%.

(source: Reuters)