Major Gulf stock markets rose in early trade on Wednesday as Republican Donald Trump claimed victory in the US presidential election.
According to Fox News, Mr. Trump beat Democrat Kamala Harris, capping a stunning political comeback four years after leaving the White House.
Saudi Arabia’s benchmark index gained 0.9%, with Al Rajhi Bank up 2.1% and Saudi Arabian Mining Company 3.9%.
Among other gainers, Saudi Electricity jumped 5.9% after reporting a sharp rise in third-quarter net profit.
Dubai’s main stock index gained 0.5%, with toll operator Salik Company up 1.9%.
The UAE has launched a strategy to triple foreign direct investment to Dh2.2 trillion by 2031, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, also ruler of Dubai, said in a message on X Tuesday.
In Abu Dhabi, the index rose 0.1%.
Crude prices fell 2% after two sessions of gains, as the dollar surged on projections of a Trump victory, and U.S. crude inventories rose more than expected.
** The Qatar Stock Exchange was closed due to a public holiday.
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