MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq
Saudi and Dubai shares ended higher on Monday, with most markets recording monthly gains thanks to optimism that the progress in COVID-19 vaccine development would help global economies recover at a quicker pace than initially anticipated.
Financial markets worldwide have gained in most sessions after U.S. drugmakers Pfizer PFE.N and Moderna MRNA.O, and Britain's AstraZeneca AZN.L released positive trial data on their vaccine candidates.
Oil prices, however, tumbled on uncertainty about whether OPEC+ would agree to extend large output cuts at talks this week.
Saudi Arabia's benchmark index .TASI finished 0.4% higher. Lender Al-Rajhi Bank 1120.SE and oil behemoth Saudi Aramco 2222.SE were the top gainers on the index, putting on 1% and 0.7%, respectively.
The Saudi benchmark also powered to a monthly gain of 10.6%, its biggest in four years.
Top oil exporter Saudi is expected to raise its official selling prices for Asian buyers in January, tracking stronger benchmark prices as some refiners increase output to meet higher winter demand, a Reuters survey showed.
The Abu Dhabi index .ADI closed down 0.4%, with First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD declining 1.3% and 2.1%, respectively.
The Abu Dhabi benchmark, which has mostly underperformed its Gulf peers in November, declined 0.4% in the month.
Dubai's main share index .DFMGI finished 0.8% higher, buoyed by lender Emirates NBD ENBD.DU, which gained 5.8%.
The benchmark registered a monthly gain of 10.6%, marking its best month since April.
The markets in the United Arab Emirates are closed for the rest of the trading week for holidays.
The Qatar benchmark index .QSI concluded trading 0.2% lower, with Qatar National Bank QNBK.QA declining 1.9%.
The index but posted a monthly gain of nearly 6% to cap its best month since April.
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