MIDEAST STOCKS- #Saudi stocks weaken after stellar November | Nasdaq

MIDEAST STOCKS-Saudi stocks weaken after stellar November | Nasdaq

Saudi shares started the month on a weaker note on Tuesday after the bourse's benchmark index nailed solid gains in November on global cheer over the progress of COVID-19 vaccine candidates.

Investors worldwide are pinning their hopes on positive vaccine trial data, fuelling optimism about a faster than expected economic recovery.

Oil prices, a key catalyst for the region's financial markets, were broadly steady on Tuesday as investors awaited direction from the Organization of the Petroleum Exporting Countries (OPEC) and its allies after the producers postponed a formal meeting to decide whether to lift output from January. O/R

The OPEC, Russia and other allies, a group known as OPEC+, delayed talks on next year's output policy to Thursday from Tuesday, as the main players had yet to agree, sources said.

The Saudi bourse's benchmark index, which posted its best monthly gain in four years in November, lost 0.3% in the first trading session of the month.

Financial stocks dragged the index down with Saudi British Bank 1060.SE and Banque Saudi Fransi 1050.SE among top losers, declining about 8% and 2%, respectively.

Healthcare firm Dr. Sulaiman Al-Habib Medical Services Group Co 4013.SE fell 3.2%.

Among gainers, Saudi Arabia's biggest lender National Commercial Bank 1180.SE tacked on 1.4%.

The markets in the United Arab Emirates are closed for holidays till the end of this trading week and will reopen on Sunday.

Elsewhere, in Qatar, the main share index .QSI gained 1.3% with Qatar National Bank QNBK.QA and Qatar Islamic Bank QISB.QA putting on 3.2% and about 2%, respectively.

The Kuwait main index .BKP declined nearly a percent, with utility firm Shamal Az-Zour Al-Oula Power & Water Co AZNOULA.KW leading the decliners, falling 3.9%.