Most Arab Gulf markets closed on Wednesday with gains, as investors anticipated the potential repercussions of the US midterm congressional elections and the next steps Washington might take in the context of the war with Iran.
Gulf Market Performance
According to Reuters, the Dubai index rose by 4%, driven by a 6.1% increase in the Emirates NBD share and a 4.4% rise in Emaar Properties. In a corporate move, Emaar Properties offered to buy all shares of Emaar Development that it does not already own at 15 dirhams per share through its wholly-owned subsidiary Emirates Property Holdings, leading to a 4.9% increase in Emaar Development's share.
Stability and Positive Indicators
Meanwhile, the Abu Dhabi index gave up earlier gains to close flat. In Saudi Arabia, the index rose by 1.7%, driven by a 2.2% increase in Al Rajhi Bank. In Qatar, the index increased by 2.8%, with almost all listed shares recording gains, including Qatar National Bank, which rose by 5.3%.
US Election Results
The index in the Sultanate of Oman also rose by 0.5%, as did those in Kuwait and Bahrain. In the same context, the Democratic Party won the US midterm congressional elections held yesterday, regaining control of the House of Representatives and seizing a Senate majority from Republicans after winning seven seats previously held by the Republican Party, a shift confirmed by the Associated Press in its election result updates.
Source: Syrian Arab News Agency (SANA)
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