Mideast Stocks: Most major Gulf markets gain; Saudi index flat

SectorFinancial Markets

Most major stock markets in the Gulf rose early on Monday, extending gains on hopes of a COVID-19 vaccine following encouraging initial trial results for an experimental drug.Drugmaker Pfizer announced last week that its experimental COVID-19 vaccine had been more than 90% effective in preventing the virus. Dubai's main share index gained 1%. Largest lender Emirates NBD Bank rose 1.5%, while blue-chip developer Emaar Properties advanced 2.1%.The Abu Dhabi index added 0.4%, led by a 0.8% rise in its largest lender, First Abu Dhabi Bank, and a 0.1% increase in telecoms firm Etisalat.In Qatar, the index firmed 0.3%, supported by a 0.7% gain in Qatar National Bank and a 0.8% rise in petrochemical firm Industries Qatar.Saudi Arabia's benchmark index traded flat, with Dr Sulaiman Al-Habib Medical Services rising 1.1%.Official data showed on Sunday that Saudi Arabia's consumer price index increased by 5.8% in October compared with the same month last year, slightly above September's 5.7% rate. (Reporting by Ateeq Shariff in Bengaluru; Editing by Simon Cameron-Moore) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;)) ...read more...