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Major Gulf markets gain as Trump claims success

Significant stock markets in the Gulf increased in early trade on Wednesday as Republican Donald Trump claimed victory in the U.S. presidential election.

Fox News projected that Trump had beat Democrat Kamala Harris, which would cap a stunning political return four years after he left the White House.

Saudi Arabia's benchmark index got 0.9%, with Al . Rajhi Bank increasing 2.1% and Saudi Arabian Mining. Company advancing 3.9%.

To name a few gainers, Saudi Electrical energy jumped 5.9%. after reporting sharp rise in third-quarter net revenue.

Dubai's main share index gained 0.5%, with toll. operator Salik Business climbing up 1.9%.

The United Arab Emirates has actually released a strategy to triple. foreign direct investment to 2.2 trillion dirhams by 2031, Prime. Minister Sheikh Mohammed bin Rashid Al Maktoum, likewise the ruler. of Dubai, said in a post on X on Tuesday.

In Abu Dhabi, the index added 0.1%.

Crude prices fell as much as 2% after two sessions of gains,. as the dollar rose on forecasts of a Trump triumph, and as. U.S. unrefined stocks increased more than projection.

** Qatari bourse was closed for a public vacation.

(source: Reuters)