Major Gulf markets rise

• Saudi index gains for a sixth straight session

• MSCI adds Kuwait stocks to emerging market index

DUBAI: Most major Gulf markets gained on Wednesday as crude prices rose on hopes of an effective Covid-19 vaccine, while Kuwait and Qatar markets lost steam after a string of solid gains.

Benchmark Brent oil rose to a more than two-month high above $45 a barrel on hopes of an effective Covid-19 vaccine and an industry report showing US crude inventories fell more than expected.

Crude stockpiles fell by 5.1 million barrels last week to about 482 million barrels, industry group data showed on Tuesday, compared with analysts’ expectations in a Reuters poll for a reduction of 913,000 barrels.

Saudi Arabia’s benchmark index ended 0.5% higher, its sixth successive session of gains. Saudi Telecom gained 2.3%, while oil behemoth and index heavyweight Aramco added 0.4%.

Dubai’s main share index closed 0.8% higher to finish with gains for a sixth straight session.

Lender Emirates NBD Bank and real estate firm Emaar Malls led the gains, adding 2% and 2.4%, respectively.

Emaar Malls had gained at least 14% on Tuesday after sounding optimistic about the immediate future of Dubai retail industry for the 2020 remainder.

Dubai’s largest listed developer Emaar Properties reported a near halving in nine-month profit post-trading hours, but its chairman said he was “cautiously optimistic” about the rest of the year. The stock had closed flat.

The Abu Dhabi index finished up 1.3%, boosted by First Abu Dhabi Bank and Abu Dhabi Islamic Bank, which gained 2.8% and 2.5%, respectively.

In Qatar, the index closed 0.1% lower, with Qatar Industries shedding about 3%.

Kuwait’s blue-chip index lost 1.6%, logging in losses for the first time in five sessions.

MSCI reclassified Kuwait stock indexes to emerging markets status from frontier, a move that could funnel at least $2 billion in passive investment flows.

Outside the Gulf, Egypt’s main index declined 0.7%, with tobacco firm Eastern Co shedding about 13%.—Reuters