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Most Gulf markets up

• Dubai logs best day in 10 sessions • Abu Dhabi market bucks the trend DUBAI: Most major Gulf markets closed...
25 Nov 2020

• Dubai logs best day in 10 sessions

• Abu Dhabi market bucks the trend

DUBAI: Most major Gulf markets closed higher on Tuesday, tracking gains on global bourses, helped by a formal transition nod for US President-elect Joe Biden and new coronavirus vaccine developments. US 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.

Global financial markets have gained in recent weeks on encouraging news about the development of Covid-19 vaccines, spurring hopes of a speedy global economic revival. Oil prices, a key catalyst for the region's economies, hit their highest levels since March, when the collapse of an earlier OPEC-led output pact coincided with cratering demand due to the developing pandemic.

Saudi Arabia's benchmark index rose 0.3%, driven by gains in lender Al-Rajhi Bank and oil behemoth Saudi Aramco, which each added 0.6%. Aramco said its domestic fuel supplies had not been affected by Monday's attack on a petroleum products distribution plant in Jeddah by Yemen's Houthi group.

Dubai's main share index closed 1.9% higher, its biggest daily gain in 10 sessions, with financials and real estate stocks powering the benchmark. Emaar Properties added 4.5%, while lender Dubai Islamic Bank rose 1.4%, making the pair the top gainers on the benchmark.

The Abu Dhabi index, however, bucked the trend, easing 0.5%. First Abu Dhabi Bank lost 1.2%, as did International Holdings Co. In Qatar, the benchmark index fell 0.7%, with Qatar National Bank down 2.4% and Qatar Islamic Bank 2.7% lower. Outside the Gulf, Egypt's blue-chip index gained about 1%. Commercial International Bank Egypt broke an eight-session losing run to close 0.6% higher, while industrial firm El Sewedy Electric Co gained 6.6%.