The increasing likelihood of a Hillary Clinton victory in the US presidential election boosted most regional bourses.
“There were a lot of outflows from capital markets when the polls were narrowing,” said Tariq Qaqish, the managing director of asset management at Al Mal Capital in Dubai.
“We’re seeing liquidity coming back in on the greater prospect of Clinton winning, which markets are excited about as it’s expected she will continue many of Obama’s policies.”
The Abu Dhabi Securities Exchange General Index ended the day 1.39 per cent higher at 4,347.90, thanks to a 2.6 per cent gain by FGB. Aldar Properties rose 1.5 per cent to Dh2.65, after the developer announced a 16 per cent rise in third-quarter profits.
Dana Gas and Etisalat were among the other big-name gainers, rising 3.8 per cent and 1.3 per cent, respectively. Dana Gas reports its third-quarter earnings today.
Taqa meanwhile closed 5 per cent lower at 56 fils.
Shares in Dubai ended the day 0.8 per cent higher at 3,306.72, led by Emaar Properties, which closed 2.2 per cent higher at Dh6.79. Arabtec Holding was among the other main gainers, the construction firm’s shares rising by 3.1 per cent to Dh1.33.
Emaar Malls ended the day down 2.2 per cent at Dh2.58.
The announcement by the Saudi government that it plans to settle payments owed to private sector companies by the end of the year lifted equities in the kingdom. Financial stocks such as Samba Bank and Al Rajhi Bank pushed the Tadawul 2.1 per cent higher at 6,327.79, its highest level in nearly three months.
The Kuwait bourse rose 0.5 per cent.
jeverington@thenational.ae
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