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Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Stringer, Reuters. Image used for illustrative purposes
Most stock markets in the Gulf were up in early trading on Tuesday as the hopes for a Gaza ceasefire rose after the mediators reported a midnight 'breakthrough' in Doha talks.
Negotiators will meet in Doha on Tuesday seeking to finalise details of a plan to end the war in Gaza that has upended the Middle East.
The Qatari benchmark index .QSI snapped its three-session losing streak and jumped 1.2%, the highest in over two months with almost all stocks posting gains. Qatar Gas Transport QGTS.QA gained 2.9% and Qatar National Bank QNBK.QA climbed 2.3%.
QNB, the region's largest lender, posted on Monday a 10% rise in fourth-quarter net profit from a year earlier, beating analysts' estimates, according to data compiled by LSEG.
The Abu Dhabi benchmark index .FTFADGI was up 0.3%. First Abu Dhabi Bank FAB.AD, the UAE's largest lender, rose 1.3% and Abu Dhabi National Energy TAQA.AD added 0.3%. TAQA's majority-owned energy firm Masdar launched a renewable energy facility that will produce 1 gigawatt of uninterrupted clean power.
Dubai's benchmark stock index .DFMGI was up 0.1%, pushed up by communications, industry and finance sectors.
Aramex ARMX.DU continued its rally to a second day and climbed 7.2% to 2.84 dirhams per share, its highest level in more than a year after the Abu Dhabi sovereign wealth fund ADQ said on Monday it had planned to launch a cash takeover offer for the courier firm, bidding for the shares it does not already own.
Saudi Arabia's benchmark stock index .TASI edged up 0.1%, aided by gains in most sectors. ACWA Power 2082.SE added 0.9% and Saudi Industrial Investment Group 2250.SE climbed 4%.
(Reporting by Md Manzer Hussain; Editing by Shinjini Ganguli)