Major Gulf markets log in weekly gains on COVID-19 vaccine hopes

Saudi and Dubai markets ended lower on Thursday, although all major Gulf markets posted weekly gains as positive developments in a COVID-19 vaccine spurred hopes of a faster-than-expected global economic recovery.

Global markets posted sharp gains after Pfizer on Monday said its experimental vaccine was more than 90% effective in preventing COVID-19.

Saudi Arabia's benchmark index closed 0.2% lower, with oil behemoth Aramco leading the losses, with a 0.7% fall. The index rose 4.3% for the week.

Dubai's main share index finished the session down 0.9%, its first decline in seven sessions. It gained 4.7% for the week.

Emirates NBD Bank closed 1.5% down, while Dubai's largest listed develop Emaar Properties lost 1.4% as it reported a near halving in profit for the first nine months of the year on Wednesday.

The London Bullion Market Association is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.

Carrier Emirates lost $3.4 billion in the first six months of the year, tipping the Dubai state-owned airline's holding company into its first half-year loss in more than thirty years.

The economy of Dubai, a major gold trading centre and top tourist destination, has been badly hit by the coronavirus crisis due to travel restrictions in place world over and as consumers cut down on luxury spending.

The Abu Dhabi index closed 0.5% higher, driven by gains in First Abu Dhabi Bank and Abu Dhabi Commerical Bank, which rose 1.3% and 0.8%, respectively.

The Abu Dhabi benchmark logged in weekly gain of about 3%.

Outside the Gulf, Egypt's blue-chip index closed 0.2% higher, to finish with a weekly gain of 3.7%.