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The majority of Gulf markets gain as investors weigh Trump effect

Most stock markets in the Gulf increased in early trade on Thursday in line with Asian shares as financiers mulled the ramifications of a Donald Trump presidency.

Trump was elected president, topping a remarkable comeback 4 years after he was voted out of the White Home and ushering in a brand-new American leadership likely to evaluate democratic organizations at home and relations abroad.

Saudi Arabia's benchmark index got 0.4%, with Al . Rajhi Bank rising 1.5%, while oil huge Saudi Aramco. innovative 1.8%.

In Other Places, Al Moammar Details Systems Co. advanced 2.7%, a day after the firm signed a framework agreement. worth 1.23 billion riyals ($ 327.42 million) with TAHAKOM to. supply IT services and products.

Saudi Crown Prince Mohammed bin Salman praised Trump. on winning the U.S. governmental election in a telephone call on. Wednesday, the Saudi state news firm stated.

Dubai's primary share index increased 0.4%, led by a 2.3%. gain in Emirates Central Cooling Systems Corp.

. However, Dubai Taxi Business, the largest taxi. operator in the Gulf city state by market share, declined 4.1%. after reporting a slide in quarterly earnings.

Financiers were likewise eyeing U.S. Federal Reserve's rate cut. decision. The Fed is expected to cut rates by 25 basis points.

Monetary policy in the six-member Gulf Cooperation Council. ( GCC) is normally guided by decisions of the Federal Reserve as. most local currencies are pegged to the U.S. dollar.

In Abu Dhabi, the index reduced 0.1%, struck by a 0.2%. fall in corporation International Holding Co despite. reporting an increase in third-quarter revenue.

Separately, Lulu Retail Holdings stated on Wednesday it had. raised 6.32 billion dirhams ($ 1.72 billion) in its preliminary. public offering, the UAE's largest listing this year up until now.

Qatar was closed for a public holiday.

(source: Reuters)