Most stock markets in the Gulf rose on Tuesday as efforts were underway to ease tensions in the region, although investors remain cautious of the situation.
U.S. President Joe Biden will visit Israel on Wednesday as the country prepares to escalate its offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Saudi Arabia's benchmark index (.TASI) gained 1%, led by a 4.3% rise in car rental firm Lumi (4262.SE) and a 2.7% increase in the country's biggest lender Saudi National Bank (1180.SE).
The Saudi bourse rebounded after a period of stabilization and could see traders taking advantage of lower prices if the risks around geopolitical tensions remain limited, said Khaldoun Hilal, Chief Executive Officer of KAMA Capital.
"However, the market could remain exposed to another round of price correction in the face of the current uncertainties in the region."
In Abu Dhabi, the index (.FTFADGI) added 0.8%.
Oil - a catalyst for the Gulf's financial markets - steadied after sliding more than $1 the day before ahead of a trip by the U.S. President to the Middle East.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 4%, hitting a record-high, as most of the stocks on the index were in positive territory, including Misr Fertilizers Production (MFPC.CA), which was up 16.6%.
Egypt's Suez Canal Economic Zone signed a deal worth $6.75 billion with China Energy for green ammonia and green hydrogen projects to be established in the Sokhna Industrial Zone, a cabinet statement said on Tuesday.
Dubai's main share index (.DFMGI) gave up early gains to close 0.2% lower.
The Qatari benchmark (.QSI) eased 0.1%.
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