Stock Market News

Major Gulf markets mixed ahead of US election

2024.11.05 03:41

(Reuters) – Major stock markets in the Gulf were mixed in early trade on Tuesday as investors took a cautious approach ahead of the U.S. presidential election, while Saudi Aramco (TADAWUL:) reported a drop in quarterly earnings.

Donald Trump and Kamala Harris both predicted victory as they campaigned across Pennsylvania and other battleground states on Monday in the final, frantic day of an exceptionally close U.S. presidential election.

Saudi Arabia’s benchmark index dropped 0.8%, weighed down by a 1% fall in aluminium products manufacturer Al Taiseer Group and a 0.5% decrease in Al Rajhi Bank.

Oil behemoth Saudi Aramco was down 0.6%, after reporting a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins.

It, however, maintained its dividend at $31.1 billion for the quarter.

Meanwhile, the kingdom posted a budget deficit of 30 billion riyals ($8 billion) in the third quarter, a finance ministry statement showed on Monday, as lower oil prices weighed on revenue.

Dubai’s main share index eased 0.2%, with toll operator Salik Company losing 1.2%, while Sharia-compliant lender Dubai Islamic Bank fell 0.2%, ahead of its earnings announcement.

In Abu Dhabi, the index was flat.

Oil prices – a catalyst for the Gulf’s financial markets – traded in a narrow range ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

© Reuters. Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/ File Photo

The Qatari benchmark index added 0.1%, helped by a 0.4% rise in Qatar Islamic Bank.

($1 = 3.7562 riyals)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,675.44 0.16%
ethereum
Ethereum (ETH) $ 3,468.40 0.56%
tether
Tether (USDT) $ 0.999223 0.04%
xrp
XRP (XRP) $ 2.29 1.86%
bnb
BNB (BNB) $ 701.71 1.02%
solana
Solana (SOL) $ 197.98 0.85%
dogecoin
Dogecoin (DOGE) $ 0.330863 1.42%
usd-coin
USDC (USDC) $ 1.00 0.06%
staked-ether
Lido Staked Ether (STETH) $ 3,464.66 0.50%
cardano
Cardano (ADA) $ 0.911284 2.55%
tron
TRON (TRX) $ 0.257394 0.00%
avalanche-2
Avalanche (AVAX) $ 40.32 2.60%
chainlink
Chainlink (LINK) $ 24.46 1.50%
the-open-network
Toncoin (TON) $ 5.98 3.66%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,111.72 0.79%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 1.18%
sui
Sui (SUI) $ 4.51 3.81%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,200.31 0.05%
hedera-hashgraph
Hedera (HBAR) $ 0.314699 2.45%
stellar
Stellar (XLM) $ 0.383416 5.25%
polkadot
Polkadot (DOT) $ 7.47 0.85%
weth
WETH (WETH) $ 3,466.09 0.77%
hyperliquid
Hyperliquid (HYPE) $ 28.18 8.28%
bitcoin-cash
Bitcoin Cash (BCH) $ 460.50 2.92%
leo-token
LEO Token (LEO) $ 9.49 0.32%
uniswap
Uniswap (UNI) $ 13.83 4.97%
litecoin
Litecoin (LTC) $ 108.92 0.27%
bitget-token
Bitget Token (BGB) $ 5.70 15.63%
pepe
Pepe (PEPE) $ 0.000018 4.20%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,664.13 0.52%
near
NEAR Protocol (NEAR) $ 5.42 2.42%
ethena-usde
Ethena USDe (USDE) $ 0.998953 0.00%
aave
Aave (AAVE) $ 372.05 1.23%
usds
USDS (USDS) $ 0.999273 0.12%
aptos
Aptos (APT) $ 9.61 1.93%
internet-computer
Internet Computer (ICP) $ 11.16 0.22%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.513999 2.54%
crypto-com-chain
Cronos (CRO) $ 0.157236 5.79%
vechain
VeChain (VET) $ 0.051644 2.43%
mantle
Mantle (MNT) $ 1.24 0.47%
ethereum-classic
Ethereum Classic (ETC) $ 27.25 3.14%
render-token
Render (RENDER) $ 7.52 4.14%
bittensor
Bittensor (TAO) $ 502.14 0.85%
monero
Monero (XMR) $ 196.50 2.48%
whitebit
WhiteBIT Coin (WBT) $ 25.06 0.62%
mantra-dao
MANTRA (OM) $ 3.76 0.10%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 2.69%
dai
Dai (DAI) $ 1.00 0.01%
arbitrum
Arbitrum (ARB) $ 0.798785 2.62%
filecoin
Filecoin (FIL) $ 5.29 3.41%