Gulf stocks gain as investors assess US midterm fallout

DUBAI: Most Gulf markets closed higher on Wednesday, with Dubai leading regional gains as investors assessed the US midterm fallout and looked to Washington’s next move in the Iran war.

US President Donald Trump conceded that the Iran war contributed to his party’s crushing midterm losses, which handed Democrats control of both the House and the Senate.

Dubai’s main share index jumped 4 percent, with top lender Emirates NBD surging 6.1 percent and blue-chip developer Emaar Properties increasing 4.4 percent.

Saudi Arabia’s benchmark index gained 1.7 percent, lifted by a 2.2 percent rise in Al Rajhi Bank.

The US carried out “defensive” strikes on Iran’s Qeshm island targeting surface-to-air missiles used against US assets, a US official said on Tuesday. Another official said the strikes appeared limited and did not signal a return to major combat operations.

In Qatar, the index leapt 2.8 percent, with almost all its constituents in positive territory, including the Gulf’s biggest lender Qatar National Bank, which was up 5.3 percent.