Mideast Stocks: Most major Gulf markets rise, tracking oil and Asian shares

SectorFinancial Markets

Most stock markets in the Gulf edged up on Monday, tracking oil prices and Asian shares, on hopes a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month just as vaccines are being rolled out globally.Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year, on hopes of a quicker economic revival as well as supply curbs by producer group OPEC and its allies.Saudi Arabia's benchmark index gained 0.8%, on track to extend gains for a third consecutive session.Saudi Basic Industries Corp, the Gulf's largest petrochemical maker, advanced 1.2%, while National Commercial Bank traded 1.4% higher.In Dubai, the main share index rose 0.1%, helped by a 0.6% gain in sharia-compliant lender Dubai Islamic Bank.The Abu Dhabi index added 0.2%, with First Abu Dhabi Bank, the country's largest lender, rising 0.4% and telecoms firm Etisalat increasing 0.6%.The United Arab Emirates will only vaccinate residents...read more...