Trump’s Victory Sparks Gulf Stock Market Rally
After Donald Trump’s triumph in the US presidential election, Gulf Cooperation Council stock markets experienced a robust surge.
Saudi Arabia
The Tadawul All Share Index in Saudi Arabia closed at 12,130.80 points, up by 0.31 percent, following a congratulatory phone call from Crown Prince Mohammed bin Salman to Trump.
Dubai and Abu Dhabi
Dubai’s Financial Market and Abu Dhabi’s Securities Exchange both saw gains of 0.60 percent and 0.44 percent, respectively.
Bahrain and Kuwait
Bahrain’s Bourse rose by 0.52 percent, while Kuwait’s main market increased by 0.10 percent.
Oman and Qatar
On the other hand, the Muscat Securities Market in Oman decreased by 0.17 percent, and the Qatar Stock Exchange was closed for a public holiday.
Market Turnover
The total trading turnover on TASI was SR7.53 billion ($2 billion), with 113 stocks advancing and 111 retreating.
Top Performers
Rasan Information Technology Co. was the best-performing stock of the day, surging by 7.13 percent. Other top performers included Miahona Co. and Theeb Rent a Car Co.
Worst Performers
Saudi Arabian Mining Co. was the worst performer, with its share price dropping by 4.09 percent. Other worst performers included Abdulmohsen Alhokair Group for Tourism and Development, and ACWA Power Co.
Financial Results
ACWA Power Co. reported a 13.3 percent increase in revenues for the first nine months of 2024, while BinDawood Holding Co. and Saudi Steel Pipe Co. also disclosed their financial results.
United International Transportation Co. saw a 37.052 percent increase in revenues for the first nine months of the year.