MIDEAST STOCKS-Major markets gain on vaccine optimism; #Saudi eases | Nasdaq

MIDEAST STOCKS-Major markets gain on vaccine optimism; Saudi eases | Nasdaq

Most major Gulf markets traded in positive territory on Monday, as further encouraging news on the COVID-19 vaccine front boosted investor sentiment, although Saudi shares bucked the trend in early trade.

In the fight against coronavirus infection, UK drugmaker AstraZeneca AZN.L said its vaccine, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.

Before AstraZeneca released the news, oil prices had extended gains as traders eyed a recovery in crude demand thanks to successful vaccine trials, although prices were contained by renewed lockdowns in several countries. O/R

U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O had earlier this month come out with positive news on the effectiveness of their vaccines, spurring financial markets worldwide on optimism over a faster-than-expected global economic recovery.

Dubai's main share index .DFMGI advanced more than a percent, with the emirate's largest lender Emirates NBD ENBD.DU adding 1.5%, while real estate firm Emaar Properties EMAR.DU tacked on 1.3%.

The Abu Dhabi index .ADI edged up 0.1%, with telecom firm Etisalat ETISALAT.AD gaining about 0.8%. Lender First Abu Dhabi Bank FAB.AD was the top loser, shedding 0.6%.

Saudi Arabia's benchmark index .TASI bucked the trend, trading down 0.2%.

Property stock Jabal Omar 4250.SE shed 1.5%, while consumer staples company Savola Group 2050.SE lost nearly a percent.

Elsewhere, the Qatar index .QSI added 0.6%, buoyed by finance stocks Qatar Islamic Bank QISB.QA and Commercial Bank COMB.QA, which gained 1.7% and 2.6%, respectively.