MIDEAST STOCKS-Gulf markets rally on upbeat global economic outlook | Nasdaq

MIDEAST STOCKS-Gulf markets rally on upbeat global economic outlook | Nasdaq

Most major Gulf markets extended gains on Wednesday as investors cheered prospects of a faster-than-expected global economic recovery, driven mainly by encouraging news on the COVID-19 vaccine development front.

Financial markets worldwide have gained in the past couple of weeks as U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O and British firm AstraZeneca AZN.L released positive data on the effectiveness of their vaccine candidates.

Aiding sentiment, the uncertainty over presidential transition in the United States seemed ending with President Donald Trump's administration clearing the way for President-elect Joe Biden to prepare for the start of his administration.

Oil, a key catalyst for the economies in the Gulf region, rose for the fourth straight session as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by vaccine hopes. O/R

Saudi Arabia's benchmark index .TASI was up 0.6%. National Commercial Bank 1180.SE gained 1.9%, while Saudi Basic Industries Corp 2010.SE advanced 1.5%.

Index heavyweight Saudi Aramco 2222.SE led the losses, with the state oil firm slipping 0.4%, while National Commercial Bank 1180.SE shed 0.5%.

The Saudi benchmark is on track to gain for a fourth consecutive session.

Dubai's main share index .DFMGI tacked on 0.8%, with Dubai Islamic Bank DISB.DU and property firm Emaar Properties EMAR.DU leading the gains, up 1.8% and 1.2%, respectively.

The Abu Dhabi index .ADI bounced back from the previous session's losse to gain about 0.2%. Lenders Abu Dhabi Commercial Bank ADCB.AD and First Abu Dhabi Bank FAB.AD led the gains, putting on 0.8% and 0.2%, respectively.

In Qatar also, the index .QSI gained about 0.2%, buoyed by Industries Qatar IQCD.QA, which traded up 1.4%.