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Markets

Saudi bourse leads most Gulf markets higher

  • A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.
  • Saudi Arabia's benchmark index advanced 1.1%, boosted by a 2.9% rise in Samba Financial Group and a 0.7% increase in oil giant Saudi Aramco.
Published November 4, 2020

Most Middle Eastern Markets ended higher on Wednesday mirroring gains in oil prices, after President Donald Trump falsely claimed victory in a tight US election that proved far closer than polls had predicted.

A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.

Brent crude was up by 1.02 cents, or 2.50%, at $40.73 by 1242 GMT.

Saudi Arabia's benchmark index advanced 1.1%, boosted by a 2.9% rise in Samba Financial Group and a 0.7% increase in oil giant Saudi Aramco.

Aramco, the world's top oil producing company, on Tuesday reported a net profit of 44.21 billion riyals ($11.79 billion) for the three months ended Sept. 30, in line with an analysts' estimate provided by Refinitiv.

Dubai's main share index rose 0.7%, sharia-compliant lender Dubai Islamic Bank climbed 1.8%, and Emirates NBD Bank was up 1%.

The bank confirmed on Tuesday it was in discussions with Lebanon's Blom Bank regarding the potential acquisition of Blom Bank Egypt.

In Abu Dhabi, the index gained 0.9%, led by a 3.8% jump in International Holding.

Last week, the aquaculture company reported a net profit of 958.9 million dirhams ($261.08 million) in the third quarter, up from 16.6 million dirhams a year earlier.

The Qatari index inched up 0.3%, supported by a 1.5% gain in Qatar Fuel Co.

The Gulf state's budget will be drawn up on the assumption of an oil price of $40 a barrel to shield the gas-rich Gulf country from oil price volatility, Qatar's Emir said on Tuesday.

Outside the Gulf, Egypt's blue-chip index closed up 0.4%, led by a 0.2% rise in top lender Commercial International Bank.

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