Most markets end higher as investors cheer Biden transition, vaccine progress | Reuters
Most major Gulf markets closed higher on Tuesday, tracking gains on global bourses, helped by a formal transition nod 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.
Global financial markets have gained in recent weeks on encouraging news about the development of COVID-19 vaccines, spurring hopes of a speedy global economic revival.
Oil prices, a key catalyst for the region’s economies, hit their highest levels since March, when the collapse of an earlier OPEC-led output pact coincided with cratering demand due to the developing pandemic. [O/R]
Saudi Arabia’s benchmark index rose 0.3%, driven by gains in lender Al-Rajhi Bank and oil behemoth Saudi Aramco, which each added 0.6%.
Aramco said its domestic fuel supplies had not been affected by Monday’s attack on a petroleum products distribution plant in Jeddah by Yemen’s Houthi group.
Dubai’s main share index closed 1.9% higher, its biggest daily gain in 10 sessions, with financials and real estate stocks powering the benchmark.
Emaar Properties added 4.5%, while lender Dubai Islamic Bank rose 1.4%, making the pair the top gainers on the benchmark.
The Abu Dhabi index, however, bucked the trend, easing 0.5%.
First Abu Dhabi Bank lost 1.2%, as did International Holdings Co.
In Qatar, the benchmark index fell 0.7%, with Qatar National Bank down 2.4% and Qatar Islamic Bank 2.7% lower.
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