Most Gulf markets gain ahead of US election

Most stock markets in the Gulf rose on Tuesday as markets waited for early indications of the outcome of a knife-edge U.S. election.

Election Day ends an acrimonious campaign jolted by assassination attempts on Republican candidate and former President Donald Trump and the withdrawal of Democratic President Joe Biden in favour of Vice President Kamala Harris, with polls showing the candidates virtually tied.

Dubai’s main share index rose 0.2%, with Emirates Integrated Telecommunications up 2% and budget airliner Air Arabia gaining 1.1%.

In Abu Dhabi, the index added 0.6%, led by a 6.7% gain for Alpha Dhabi Holding.

ADNOC Drilling Company and Alpha Dhabi Holding announced on Monday that their joint venture Enersol had agreed to acquire a 95% equity stake in Deep Well Services (DWS) for about $223 million including performance-based payments.

Shares of ADNOC Drilling were up 2.3%.

Major Gulf markets mixed ahead of US election

The Qatari index finished 0.2% higher, with Qatar Gas Transport Nakilat rising 1.5%.

Saudi Arabia’s benchmark index edged 0.2% lower, hit by a 1.5% fall in ACWA Power Company.

Oil giant Saudi Aramco reversed early losses to close 0.2% higher, despite reporting a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins. It maintained its dividend at $31.1 billion for the quarter.

Outside the Gulf, Egypt’s blue-chip index rose 0.5%.

—————————————

 SAUDI ARABIA    fell 0.2% to 12,015

 ABU DHABI       rose 0.6% to 9,384

 DUBAI           added 0.2% to 4,595

 QATAR           gained 0.2% to 10,569

 EGYPT           up 0.5% to 30,794

 BAHRAIN         closed flat at 2,019

 OMAN            was up 0.1% to 4,722

 KUWAIT          gained 0.2% to 7,667

—————————————