MIDEAST STOCKS-Gulf markets lose steam, but set for weekly gains | Nasdaq

MIDEAST STOCKS-Gulf markets lose steam, but set for weekly gains | Nasdaq

Most major Gulf markets retreated on Thursday, drifting off gains logged in the recent sessions over optimism about COVID-19 vaccine and hopes of a speedier global economic recovery.

Over the last two weeks, financial markets globally were spurred by encouraging news as two U.S. drugmakers Pfizer PFE.N and Moderna Inc MRNA.O released encouraging news on the effectiveness of vaccine against the infection.

The euphoria fizzled out on Thursday, with oil futures also easing while surrendering some gains from the previous day as the surge in coronavirus cases and tighter economic restrictions around the globe stoked fears over slower fuel demand.

Saudi Arabia's benchmark index .TASI was down about 0.2%, with Saudi Telecom 7010.SE and Saudi Aramco 7010.SE leading the losses, slipping 0.6% and 0.7%, respectively.

The Saudi benchmark, however, is on track to post a third consecutive weekly gain, mainly benefiting from the positive vaccine news.

Dubai's main share index .DFMGI fell 0.5%, dragged by financial stocks Dubai Islamic Bank DISB.DU and Emirates NBD Bank ENBD.DU, which slid 0.7% and 0.5%, respectively. But, the benchmark is set for a weekly gain of more than 2%.

The Abu Dhabi index .ADI is set to post its second straight session of losses, declining 0.6% in morning trade, but is also poised to register gains for the week.

Major lenders First Abu Dhabi Bank FAB.AD and Abu Dhabi Commercial Bank ADCB.AD led the session's losses, falling nearly a percent each.

In Qatar also, the benchmark index .QSI declined, trading 0.5% lower, dragged mainly by financial stocks. Qatar National Bank QNBK.QA and Qatar Islamic Bank QISB.QA lost more than 1% each.