Page 412 - SALIK ENGLISH PR REPORT NOVEMBER 2024

Major Gulf markets mixed ahead of US election

Reuters 05 Nov, 2024

Major stock markets in the Gulf were mixed in early trade on
Tuesday as investors took a cautious approach ahead of the US
presidential election, while Saudi Aramco reported a drop in
quarterly earnings.

Donald Trump and Kamala Harris both predicted victory as they campaigned
across Pennsylvania and other battleground states on Monday in the final,
frantic day of an exceptionally close US presidential election.

Saudi Arabia’s benchmark index dropped 0.8%, weighed down by a 1% fall in
aluminium products manufacturer Al Taiseer Group and a 0.5% decrease in Al
Rajhi Bank.

Oil behemoth Saudi Aramco was down 0.6%, after reporting a 15.4% drop in
third-quarter profit due to lower crude prices and weaker refining margins.

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

Meanwhile, the kingdom posted a budget deficit of 30 billion riyals ($8
billion) in the third quarter, a finance ministry statement showed on Monday,
as lower oil prices weighed on revenue.

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