Mideast Stocks-Dubai leads gains as markets cheer vaccine news

Mideast Stocks-Dubai leads gains as markets cheer vaccine news

Major Gulf markets ended higher on Monday, as further encouraging news on the COVID-19 vaccine boosted investor sentiment, spurring optimism over a faster-than-expected global economic recovery.AstraZeneca said its COVID-19 vaccine could be around 90% effective, giving the world another weapon to fight the global pandemic and potentially cheaper to make, easier to distribute and faster to scale-up than rivals.The vaccine developed by AstraZeneca is the third major trial to report success after U.S.-based Moderna Inc and Pfizer Inc with Germany's BioNTech SE, propelling financial markets worldwide.Oil prices, a vital catalyst for financial markets in the Gulf region, rose more than 1%, extending last week's gains as traders eyed a recovery in demand due to successful vaccine trials.Saudi Arabia's benchmark index advanced for a second straight session, concluding 0.3% higher.Dr Sulaiman Al-Habib Medical Services Group Co was the top gainer on the index, gaining 2.3%, while oil behemoth and index heavyweight Saudi Aramco put on 0.6%.Dubai's main share index advanced sharply to close 1.3% higher, with the emirate's largest lender Emirates NBD adding 2.4%, while Dubai Ismalic Bank tacked on nearly a percent.Dubai said the economic growth rate could increase by up to 1% because of plans by the United Arab