MIDEAST STOCKS-Most Gulf markets climb on vaccine hopes, #Dubai gains most | Nasdaq

MIDEAST STOCKS-Most Gulf markets climb on vaccine hopes, Dubai gains most | Nasdaq

Most stock markets in the Gulf traded higher early on Tuesday, on track to extend gains from the previous session after news of progress in the development of a COVID-19 vaccine boosted global risk appetite.

Drugmaker Pfizer Inc PFE.N said its COVID-19 vaccine, developed with German partner BioNTech SE BNTX.O, was more than 90% effective in preventing infection, marking the first successful results from a large-scale clinical trial.

Dubai's main share index .DFMGI climbed 1.6%, buoyed by a 3.9% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.9% jump in Emaar Malls EMAA.DU.

Investors also cheered the prospect of improved trade relations under U.S. President-elect Joe Biden.

Saudi Arabia's benchmark index .TASI advanced 1.1%, with the country's largest lender, National Commercial Bank 1180.SE, leaping 3.2% and Al Rajhi Bank 1120.SE up 0.4%.

The kingdom's economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when it was reeling from coronavirus-linked lockdowns.

The Kuwaiti index .BKP rose 0.7% ahead of results from global index provider MSCI's semi-annual review, with Kuwait Finance House KFH.KW rising 1.9%.

The anticipated addition of Kuwait to the MSCI Emerging Market index at the end of November is expected to positively affect the flow of foreign capital in Boursa Kuwait, Kamco Invest said in a research note on Thursday.

Abu Dhabi's index .ADI edged up 0.2%, helped by a 0.5% increase in the United Arab Emirates' largest lender, First Abu Dhabi Bank FAB.AD.

In Qatar, the index .QSI fell 0.5%, hurt by a 2.7% fall in petrochemical maker Industries Qatar IQCD.QA.