Mideast Stocks: Major markets advance, Dubai leads gains

Mideast Stocks: Major markets advance, Dubai leads gains

Most major Gulf markets finished higher on Monday, in line with global shares, as optimism over a $1.9 trillion U.S. stimulus plan outweighed concerns about rising COVID-19 cases and delays in vaccine supplies.Global equity markets scaled record highs last week on bets vaccines will start to reduce infection rates worldwide, and on hopes for a stronger U.S. economic recovery under President Joe Biden.Oil prices edged up as supply jitters and U.S. stimulus plans offset fresh concerns about the hit to global fuel demand from renewed lockdowns.Saudi Arabia's benchmark index tacked on 0.2%, snapping a four-session losing streak.Saudi Telecom was the best performer on the benchmark, adding 1.3%, while lender and index heavyweight Al Rajhi Bank gained about 0.3%.Saudi Arabia's Public Investment Fund plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the world's biggest sovereign wealth funds. Elsewhere, the Dubai index firmed 0.3%, its first gain in three sessions, buoyed by a 1.7% rise in top lender Emirates NBD and a 1.2% gain in construction major DB Investments Co.Abu Dhabi's benchmark edged up 0.1%, helped by gains in telecom major Etisalat, which