The Saudi index rose 0.7 percent, the Dubai index rose 0.5 percent, while the Abu Dhabi index increased 0.4 percent.
Mohamed Hashad, head of research and development at Noor Capital, told Reuters: “Analysts noted that market movements are in line with investors’ expectations regarding the Trump administration’s economic approach, which focuses on easing regulatory pressures and changing trade policies.”
Al Rajhi Saudi Bank shares rose 2.3 percent, and Saudi Arabian Mining Company shares (Minerals) 4.1 percent, while Saudi Electricity Company shares jumped 6.3 percent after a sharp rise in quarterly net profit.
The best performing stock on the Dubai index was the Salik Traffic Toll Company, which rose 2.5 percent, while the Dubai Islamic Bank stock increased 1.2 percent, a day after announcing an increase in third-quarter profits.
In Abu Dhabi, International Holding Company shares rose 0.8 percent before announcing its results.
However, crude oil prices, the main catalyst for financial markets in the Gulf, fell due to the rise of the dollar after Trump’s victory.
Investors believe that the Trump administration will strengthen the value of the dollar as interest rates will need to be kept high to combat the inflation that may result from the imposition of any new tariffs.
Outside the Gulf region, Egypt’s leading stock index rose 0.8 percent, with Fawry’s stock for banking services and electronic payments technology rising 3.2 percent.
The Central Bank of Egypt said on Wednesday that Egypt’s net foreign exchange reserves rose to $46.942 billion in October from $46.737 billion in September.
