MIDEAST STOCKS-Most major Gulf markets gain; #Saudi index flat | Nasdaq

MIDEAST STOCKS-Most major Gulf markets gain; Saudi index flat | Nasdaq

Most major stock markets in the Gulf rose early on Monday, extending gains on hopes of a COVID-19 vaccine following encouraging initial trial results for an experimental drug.

Drugmaker Pfizer PFE.N announced last week that its experimental COVID-19 vaccine had been more than 90% effective in preventing the virus.

Dubai's main share index .DFMGI gained 1%. Largest lender Emirates NBD Bank ENBD.DU rose 1.5%, while blue-chip developer Emaar Properties EMAR.DU advanced 2.1%.

The Abu Dhabi index .ADI added 0.4%, led by a 0.8% rise in its largest lender, First Abu Dhabi Bank FAB.AD, and a 0.1% increase in telecoms firm Etisalat ETISALAT.AD.

In Qatar, the index .QSI firmed 0.3%, supported by a 0.7% gain in Qatar National Bank QNBK.QA and a 0.8% rise in petrochemical firm Industries Qatar IQCD.QA.

Saudi Arabia's benchmark index .TASI traded flat, with Dr Sulaiman Al-Habib Medical Services 4013.SE rising 1.1%.

Official data showed on Sunday that Saudi Arabia's consumer price index increased by 5.8% in October compared with the same month last year, slightly above September's 5.7% rate.