Mideast Stocks: Abu Dhabi leads most Gulf markets higher

SectorFinancial Markets


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...