MIDEAST STOCKS-Major Gulf markets gain on US rate cut hopes, Gaza ceasefire

Oct 9 - Major stock markets in the Gulf rose in early trade on Thursday supported by hopes of further U.S. interest rate cuts this year and a ceasefire deal in Gaza that could ease geopolitical tensions in the region.

Market participants cheered Israel and Hamas agreeing to the first phase of U.S. President Donald Trump's plan for Gaza on Wednesday, a ceasefire and hostage deal that could open the way to ending a bloody two-year-old war that has upended the Middle East.

Saudi Arabia's benchmark index gained 0.3%, led by a 0.8% rise in Al Rajhi Bank and a 1.1% increase in Saudi Arabian Mining Company.

Peru is pursuing major investments from Saudi Arabia and U.S. oil giant Chevron (CVX) to develop its mining and energy resources, part of a broad strategy to revitalize the sector, a top minister said on Tuesday.

Dubai's main share index edged 0.2% higher, with toll operator Salik Company advancing 2.7%.

Federal Reserve officials agreed that risks to the U.S. job market were high enough to warrant a rate cut, but remained wary amid stubborn inflation, per minutes of the September 16-17 meeting released on Wednesday.

Markets are pricing in a 25-basis-point cut each in October and December, with probabilities of 93% and 78%, respectively, per the CME FedWatch tool.

The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.

In Abu Dhabi, the index was up 0.1%. However, gains were limited by losses in Abu Dhabi National Oil Company's (ADNOC) listed subsidiaries, including ADNOC Drilling , which declined 3.8%.

Abu Dhabi state oil giant ADNOC said on Wednesday that its six publicly listed subsidiaries will distribute 158 billion dirhams ($43.02 billion) in dividends by 2030.

The Qatari index added 0.1%, with Qatar Gas Transport putting on 1.2%.

($1 = 3.6729 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Janane Venkatraman)