Saudi, Dubai shares gain; Abu Dhabi declines | Reuters
Saudi shares reversed course to end sharply higher on Wednesday as further positive news on COVID-19 vaccine development cheered investors, while the Abu Dhabi market posted losses on a day when most major Gulf markets logged gains.
U.S. drugmaker Pfizer Inc PFE.N said final results from the late-stage trial of its COVID-19 vaccine showed it was 95% effective, adding it had the required two months of safety data and would apply for emergency U.S. authorization within days.
Moderna Inc MRNA.O too came out with encouraging news earlier in the week on the effectiveness of its vaccine against the infection, boosting hopes of a faster-than-expected global economic recovery.
By the time Pfizer’s latest update was released, most Gulf markets including Dubai and Abu Dhabi had closed trading for the day.
Oil prices, a crucial factor for the region’s economies, firmed as hopes that producer group OPEC and its allies will delay a planned increase in oil output offset a bigger than expected build in U.S. crude inventories. [O/R]
Saudi Arabia's benchmark index .TASI added 0.6%, with lenders National Commercial Bank 1180.SE and Al-Rajhi Bank 1120.SE gaining 2% and 0.7 respectively.
Dubai's main share index .DFMGI added about 0.3%, with Dubai Islamic Bank DISB.DU and Dubai Investments DINV.DU leading gains, putting on 0.9% and 1.7% respectively.
However, the Abu Dhabi index .ADI logged losses for the first time in eight sessions, finishing 0.2% lower.
Telecom major Etisalat ETISALAT.AD was the top loser in the blue-chip index, shedding 0.7%, while major lender First Abu Dhabi Bank FAB.AD ended the session 0.3% down.
In Qatar, the index .QSI bounced back from the previous session's losses to gain about 0.4%.
Qatar National Bank QNBK.QA gained 0.7% while another finance stock, Qatar Insurance Co QINS.QA, tacked on 2.5%.
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