Mideast Stocks: Abu Dhabi leads most Gulf markets higher

SourceZawya
SectorFinancial Markets
CountryUAE

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st Gulf markets rose on Monday, with Abu Dhabi leading the gains, buoyed by signs of economic recovery and additional positive data about a COVID-19 vaccine.Pharma company Moderna said on Monday its experimental vaccine was 94.5% effective in preventing the virus, which has ravaged economies across the globe.Saudi Arabia's benchmark index rose 0.3%, with Al Rajhi Bank rising 1% and Dr Sulaiman Al-Habib Medical Services advancing 2.6%.However, the index's gains were capped by losses at Saudi Electricity Company (SEC), which declined 4.6%.The utility firm said on Monday it has signed an agreement with the government to convert state liabilities worth 167.92 billion riyals ($45 billion) into a subordinated perpetual financial instrument to strengthen its balance sheet. This conversion is considered non-dilutive and will therefore have no impact on SEC's existing shareholders’ ...read more...