MIDEAST STOCKS-Saudi extends gains as oil rises on vaccine cheer; Dubai, Qatar struggle | Nasdaq
Saudi shares on Wednesday traded higher as crude prices gained on hopes of an effective COVID-19 vaccine, while Dubai and Qatar markets lost steam after two consecutive sessions of solid gains.
Oil prices climbed more than 1%, after an industry report showed U.S. crude inventories dropped more than expected, while vaccine hopes continued to bolster sentiment. O/R
Crude stockpiles fell by 5.1 million barrels last week to about 482 million barrels, industry group data showed, compared with analysts' expectations in a Reuters poll for a reduction of 913,000 barrels. API/S
Saudi Arabia's benchmark index .TASI was up 0.4%, on track for a sixth straight session of gains, with oil behemoth Saudi Aramco 2222.SE edging up 0.4%, while Al Rajhi Bank 1120.SE added on 0.7%.
Dubai's main share index .DFMGI fell about 0.4%, with real estate stocks Emaar Malls EMAA.DU and Emaar Properties EMAR.DU shedding 2.4% and 2%, respectively.
Emaar Malls gained more than 14% on Tuesday after it signalled an optimistic future for Dubai retail industry for the rest of the year.
Middle East budget carrier Air Arabia AIRA.DU fell 1.7% after it reported a third-quarter loss, but said it was in a strong position to weather the impact of the coronavirus crisis.
The Abu Dhabi index .ADI gained about 0.3%, supported by lenders First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD that gained 0.4% and 3%, respectively.
In Qatar, the index .QSI traded 0.7% lower, with Qatar Industries IQCD.QA shedding about 3%.
Kuwait's blue-chip index .BKP fell nearly a percent in early trade, after gaining about 1% in the previous session.
MSCI, the world's largest index provider, on Wednesday reclassified Kuwait stock indexes to emerging markets status from frontier.
Seven Kuwaiti securities will be added to the benchmark MSCI Emerging Markets Index .MSCIEF at an aggregate weight of 0.58%.
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