Mideast Stocks: Most markets rise on Biden transition, vaccine optimism

Saudi Arabia's benchmark index put on 0.3%

  
Saudi traders monitor stocks at the Saudi Bank in Riyadh November 22,2008. REUTERS/Fahad Shadeed

Saudi traders monitor stocks at the Saudi Bank in Riyadh November 22,2008. REUTERS/Fahad Shadeed

REUTERS/Fahad Shadeed

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.) ((abyjose.koilparambil@thomsonreuters.com; +91 (0)8061822683;))

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