Hamas had initially vowed to keep fighting until all enemy troops left Gaza, but said 12 hours later that it would hold its fire to give Israeli forces one week to withdraw.
Despite the destruction suffered, the prime minister of Hamas, Ismail Haniyeh, claimed "a heavenly victory" on Al-Jazeera's Arabic news channel.
It is believed that a temporary lull would pave the way for a possible lasting truce deal between the Jewish state and the Islamist movement in light of the intensifying international mediation efforts led by Egypt.
Egypt has invited Israel and the Palestinian groups for more talks on the means of consolidating a ceasefire in the Palestinian enclave.
Separate meetings with the two sides involved in the Gaza conflict were scheduled for Jan. 22 in the Egyptian capital of Cairo, Egyptian Foreign Ministry spokesman Hossam Zaki said in a press release.
The talks will seek to clinch a deal on a package of moves to implement an Egyptian ceasefire proposal presented by President Hosni Mubarak on Jan. 6.
While Hamas has asked for the lifting of the Israeli blockade on Gaza as a precondition for any long-term truce, Israel demands an international mechanism to curb arms smuggling into Gaza and thus prevent Hamas from rearming.
More than 1,300 Gazans have been killed and over 5,500 wounded in Israel's massive onslaught since Dec. 27, dubbed Operation Cast Lead. Thirteen Israelis have also died in the clash.
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Palestinians walk amid the rubble of what is left of their houses after Israeli operations in al Zaitun area in eastern Gaza City, Jan. 4, 2009. [Wissam Nassar/Xinhua]
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Speaking to the leaders of Britain, France, Germany, Italy, Spain and the Czech Republic, which currently holds the rotating EU presidency, in Jerusalem on Sunday, Olmert thanked them for their support for Israel's security and pledged cooperation to bring peace to the volatile land.
British Prime Minister Gordon Brown urged Israel to reopen the crossings to long-blockaded Gaza, saying a sustainable ceasefire would require "humanitarian access" to the territory, while French President Nicolas Sarkozy called on Olmert to open Gaza's borders to aid as soon as possible.
Meanwhile, Iran said the key to lasting calm is the opening of border crossings that Israel and Egypt have kept virtually sealed since Hamas militants staged a violent takeover of Gaza in 2007 from forces of the rival Fatah faction, headed by Palestinian President Mahmoud Abbas.
Statistics from the Palestinian side revealed that about 4,000 residential buildings were completely destroyed during the 22-day conflict.
(Xinhua News Agency January 19, 2009)