DUBAI: Most share markets in the Gulf ended higher on Sunday but stocks did not react significantly to Joe Biden's victory in the US presidential election. Abu Dhbai bucked the trend to close slightly lower. While Trump had cozy relationships with what critics say are increasingly authoritarian leaders in countries such as Saudi Arabia, Egypt and Turkey, Biden has promised to take a tough line on human rights. The countries' leaders deny accusations by human rights groups of abuses.
Saudi Arabia's benchmark index rose 0.9%, buoyed by a 2.3% rise in petrochemical firm Saudi Basic Industries and 0.9% gain in Al Rajhi Bank. Banque Saudi Fransi fell 0.8%, after it reported a fall in quarterly net profit on Thursday. Dubai's main share index advanced 1%, boosted by a 3.5% surge in Emaar Properties and a 0.7% increase in sharia-compliant lender Dubai Islamic Bank.
The Abu Dhabi index eased 0.3%, with the United Arab Emirates' largest lender First Abu Dhabi Bank losing 1.2%. In Qatar, the index edged up 0.2%, helped by a 0.7% gain in Qatar Islamic Bank. Outside the Gulf, Egypt's blue-chip index was up 0.5%, led by a 0.9% gain in Commercial International Bank.
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