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

SourceZawya
SectorFinancial Markets
CountryGulf

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...