MOST Gulf equity markets ended higher yesterday as investors bet that Republican losses in this week’s US congressional elections could reduce the risk of a wider conflict with Iran, boosting risk appetite across the region.
Saudi Arabia’s benchmark stock index gained 0.6 per cent, led by a 1.6pc rise in the country’s biggest lender by assets, Saudi National Bank, and a 0.8pc increase in Al Rajhi Bank. Sahara International Petrochemical retreated 2.9pc after posting a bigger third-quarter loss.
Dubai’s main share index finished flat, while blue-chip developer Emaar Properties advanced 1.8pc. Post trading hours, the developer reported steep rise in third-quarter profit.
In Abu Dhabi, the index rose 0.6pc, with conglomerate International Holding closing 1.9pc higher. After the bell, the titan reported third-quarter net profit of 6.22 billion dirhams ($1.69bn), down from 8.70 billion dirhams a year ago.
GCC bourses firmed as easing escalation fears and mediation hopes outweighed tanker disruptions in the Strait of Hormuz. Solid third-quarter results supported select sectors, said Ranim Turfa- Head of Research & Market Analysis – Mena at Tickmill.
The Qatari index advanced 1.8pc, with Qatar Islamic Bank rising 2.9pc.
Outside the Gulf, Egypt’s blue-chip index climbed 1pc. The US Embassy announced that Washington and Cairo have signed a $125 million deal to open doors for American firms in Egypt and spur private-sector expansion.
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