MIDEAST STOCKS-Most markets rise on Biden transition, vaccine optimism | Nasdaq

MIDEAST STOCKS-Most markets rise on Biden transition, vaccine optimism | Nasdaq

Most major Gulf markets tracked broader Asia stocks higher on Tuesday, helped by a formal transition approval for U.S. President-elect Joe Biden and new coronavirus vaccine developments.

U.S. President Donald Trump on Monday gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Biden despite plans to continue with legal challenges.

Saudi Arabia's benchmark index .TASI put on 0.3%, driven by gains in National Commercial Bank 1180.SE and Saudi Basic Industries Corp 2010.SE, which added 0.7% each.

Dubai's main share index .DFMGI surged 1.6%, with financials and real estate stocks leading the gains.

Property stock Emaar Properties EMAR.DU added more than 4%, while lender Dubai Islamic Bank DISB.DU tacked on 1.8%.

The Abu Dhabi index .ADI, however, bucked the trend, easing 0.4%.
First Abu Dhabi Bank FAB.AD lost about 0.8%, while International Holdings Co IHC.AD shed 1.2%.

In Qatar, the index .QSI edged up 0.1%, with industrial firm United Development Co UDCD.QA gaining 6.6% to be the top gainer in the benchmark.

Financial markets globally have gained in recent weeks from encouraging news in the development of a vaccine in the fight against the COVID-19 pandemic, spurring hopes of a speedy global economic revival.

Brent crude prices on Tuesday hit their highest levels since March, before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing.