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Thursday, November 07, 2024

Most Gulf markets in black as investors weigh Trump win

By Vijay Valecha in 'Century in News'

Most Gulf markets in black as investors weigh...
 
   

Vijay Valecha, Reuters, November 7, 2024

Most stock markets in the Gulf ended higher on Thursday in line with global shares as investors navigated the implications of a second Donald Trump presidency.
Trump recaptured the White House with a sweeping victory on Wednesday as tens of millions of Americans looked past his criminal charges and divisive rhetoric to embrace a leader who, if he carries out his campaign promises, will test the limits of presidential power.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 1.2% and Al Rajhi Bank (1120.SE), opens new tab increasing 2%.
On the other hand, Saudi Arabian Mining Company (1211.SE), opens new tab declined 4.1%, after the miner swung to quarterly profit but saw a sequential decrease in earnings.

Trump's proposed import tariffs might strengthen the U.S. dollar through reduced spending on foreign goods, benefiting Gulf Cooperation Countries' (GCC) currencies, said Vijay Valecha, chief investment officer, Century Financial. A stronger dollar from Trump's protectionist policies would also increase foreign investment in the GCC region, added Valecha.

Dubai's main share index (.DFMGI), opens new tab gained 0.6%, led by a 4% jump in Emirates Central Cooling Systems Corp (Empower) (EMPOWER.DU), opens new tab, which saw an increase in revenue despite reporting a fall in quarterly profit.
However, Dubai Taxi Company (DTC.DU), opens new tab, the largest taxi operator in the Gulf city state by market share, declined 4.1% following a slide in quarterly profit.

In Abu Dhabi, the index (.FTFADGI), opens new tab reversed early losses to close 0.4% higher, helped by a 0.6% increase in conglomerate International Holding Co (IHC) (IHC.AD), opens new tab.
IHC - Abu Dhabi's most valuable company - reported a third-quarter net profit of 5.69 billion dirhams ($1.55 billion), up from 4.83 billion dirhams a year ago.
In addition, according to Valecha, Trump is more likely to resolve regional conflict faster as compared to his counterpart, which is expected to promote further stability in the region.

Source

Reuters


    
    
    
   
 
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