Major Gulf markets mixed ahead of US election

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, reports Reuters.

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 per cent, weighed down by a 1 per cent fall in aluminium products manufacturer Al Taiseer Group and a 0.5 per cent decrease in Al Rajhi Bank.

Oil behemoth Saudi Aramco was down 0.6 per cent, after reporting a 15.4 per cent 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.