MIDEAST STOCKS-Major Gulf shares extend gains on upbeat global outlook | Nasdaq

MIDEAST STOCKS-Major Gulf shares extend gains on upbeat global outlook | Nasdaq

Major Gulf markets rallied on Wednesday as investors cheered the 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 as well as 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 .TASI closed 0.6% higher. National Commercial Bank 1180.SE gained more than 2% and was the top gainer on the index. Another lender Al-Rajhi Bank 1120.SE put on 0.5%.

The Saudi benchmark has now gained for four consecutive sessions.

Dubai's main share index .DFMGI finished 0.6% higher, with Dubai Islamic Bank DISB.DU and property firm Emaar Properties EMAR.DU leading the gains, ending the session 0.9% higher each.

The Dubai benchmark has gained for four straight sessions now.

The Abu Dhabi index .ADI bounced back from the previous session's losses to gain about 0.9%. Lenders First Abu Dhabi Bank FAB.AD appreciated 0.9%, while real estate firm Aldar Properties ALDAR.AD put on more than 4%.

Elsewhere, in Qatar, the blue-chip index .QSI added 0.4%, buoyed by Industries Qatar IQCD.QA, which gained 2.4% in the session.