Major stock markets in the Gulf were mixed in early trade on Tuesday as investors took a cautious approach ahead of the US presidential election, while Saudi Aramco 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 US 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.

Most Gulf markets fall as OPEC+ delays oil output hike

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 US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

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