Main Gulf markets blended forward of US election By Reuters

(Reuters) – Major stock markets inside the Gulf had been blended in early commerce on Tuesday as consumers took a cautious methodology ahead of the U.S. presidential election, whereas Saudi Aramco (TADAWUL:) reported a drop in quarterly earnings.

Donald Trump and Kamala Harris every predicted victory as they campaigned all through Pennsylvania and completely different battleground states on Monday inside the final, frantic day of an exceptionally shut U.S. presidential election.

Saudi Arabia’s benchmark index dropped 0.8%, weighed down by a 1% fall in aluminium merchandise producer Al Taiseer Group and a 0.5% decrease in Al Rajhi Monetary establishment.

Oil behemoth Saudi Aramco was down 0.6%, after reporting a 15.4% drop in third-quarter income as a consequence of lower crude prices and weaker refining margins.

It, nonetheless, maintained its dividend at $31.1 billion for the quarter.

Within the meantime, the dominion posted a funds deficit of 30 billion riyals ($8 billion) inside the third quarter, a finance ministry assertion confirmed on Monday, as lower oil prices weighed on revenue.

Dubai’s basic share index eased 0.2%, with toll operator Salik Agency dropping 1.2%, whereas Sharia-compliant lender Dubai Islamic Monetary establishment fell 0.2%, ahead of its earnings announcement.

In Abu Dhabi, the index was flat.

Oil prices – a catalyst for the Gulf’s financial markets – traded in a slim range ahead of what’s anticipated to be an exceptionally shut U.S. presidential election, after rising better than 2% inside the earlier session as OPEC+ delayed plans to hike manufacturing in December.

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

($1 = 3.7562 riyals)