Most Gulf stock markets closed higher on Tuesday, spurred by rising oil prices, with Dubai leading gains with help from its strengthening COVID-19 vaccination drive.
Brent hit $71 and was trading at its highest since March, on expectations of growing fuel demand during the summer driving season in the United States. read more
The stock index in Dubai (.DFMGI) surged 1.4% after three consecutive days of decline, helped mostly by property and financials.
The blue-chip developer Emaar Properties (EMAR.DU) and Emirates NBD Bank (ENBD.DU) climbed 2.5% and 1.5%, respectively.
Dubai, the second-largest member of the United Arab Emirates federation, which has among the world's highest immunisation rates, has started offering the Pfizer-BioNTech (PFE.N), (22UAy.DE) COVID-19 vaccine to 12-15-year-olds. read more
Saudi Arabia's benchmark index (.TASI) was up 0.4% on its sixth consecutive day of gains, with telecom and financial shares rising the most.
Saudi Telecom (7010.SE) increased 3.4%, while Al Rajhi Bank (1120.SE) and Riyad Bank (1010.SE) were up 0.8% and 1.1%, respectively.
The Abu Dhabi index (.ADI) ended 0.8% higher as ADNOC Distribution (ADNOCDIST.AD) jumped 10%, ending a fifth-session losing streak.
Last week, Abu Dhabi National Oil Company (ADNOC) raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit, ADNOC Distribution. read more
Qatar's index was up 0.3% with Industries Qatar (IQCD.QA) gaining 0.7% and Qatar Electricity and Water (QEWC.QA) rising 2.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.7%, with most of its constituents closing lower. The largest lender, Commercial International Bank (COMI.CA), led the losers, shedding 1.1%.
Ibnsina Pharma Co (ISPH.CA), which reported a marginal rise in first quarter net profit on Monday, plunged 6.6%.
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