Most major Gulf markets tracked broader Asia stocks higher on Tuesday, helped by a formal transition approval 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.
Saudi Arabia's benchmark index put on 0.3%, driven by gains in National Commercial Bank and Saudi Basic Industries Corp, which added 0.7% each.
Dubai's main share index surged 1.6%, with financials and real estate stocks leading the gains.
Property stock Emaar Properties added more than 4%, while lender Dubai Islamic Bank tacked on 1.8%.
The Abu Dhabi index, however, bucked the trend, easing 0.4%.
First Abu Dhabi Bank lost about 0.8%, while International Holdings Co shed 1.2%.
In Qatar, the index edged up 0.1%, with industrial firm United Development Co gaining 6.6% to be the top gainer in the benchmark.
Financial markets globally have gained in recent weeks from encouraging news in the development of a vaccine in the fight against the COVID-19 pandemic, spurring hopes of a speedy global economic revival.
Brent crude prices on Tuesday hit their highest levels since March, before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. O/R
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Ramakrishnan M.) ((email@example.com; +91 (0)8061822683;))