The performance of the main Gulf stock markets was mixed, Sunday, in the absence of a clear reaction from the stock markets to Joe Biden’s victory in the US presidential election.
The gains of petrochemical companies boosted the Saudi Stock Exchange, and the benchmark index for the Kingdom rose 0.6%, with the Saudi Basic Industries Corporation (SABIC) increasing 2.7%, and Al-Rajhi Bank rising 1%.
Banque Saudi Fransi fell 1% after the quarter’s profit fell 1%.
The Dubai index rose 0.5%, led by a 1.4% increase in its largest bank, Emirates NBD, and 2% in Emaar Properties.
In Abu Dhabi, the index lost 0.3%, affected by the loss of 1.4% of the largest UAE bank, First Abu Dhabi Bank.
Most of the Arab stock market indices rose by the end of last Thursday’s session, as the Saudi Stock Exchange rose slightly by 0.01%, the Dubai Market Index increased by 0.32%, and the Abu Dhabi Market rose 0.6%.
Analysts confirmed that the announcement by international news agencies of Joe Biden’s victory in the presidency of the United States of America after a fierce battle with rival Donald Trump will not have a significant negative impact on the performance of financial markets in the Gulf during the sessions this week.
They added that the supreme word will be the next period for the results of companies, in addition to the official means in the region’s stock exchanges to attract foreign investors, which comes in the forefront of government proposals.
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