Global equity markets surged on Monday and Asian shares extended gains on Tuesday after data on Moderna Inc's COVID-19 vaccine, the first to be tested in the United States, showed it produced protective antibodies in a small group of healthy volunteers. "Global sentiment is leading the rise in local markets supported by recovering oil prices," said Marie Salem, head of institutions at Daman Securities.

Saudi Arabia's index closed 1.8% up, led by Saudi Aramco and banking shares. Aramco jumped 3.1% for its sharpest intra-day rise in more than a month and its sixth consecutive daily gain, trimming its year-to-date loss to 5.4%.

Saudi Basic Industries rose 3.1% and Al Rajhi Bank added 1.3%.

The Dubai index firmed by 0.6%, with Emirates NBD Bank up 1.6% and Aramex advancing 2.6%.

In Abu Dhabi, the index was up 0.3% as the telecoms company Etisalat gained 1.2% and Abu Dhabi Commercial Bank jumped 4.4%. Aldar Properties edged up 0.6% ahead of a meeting of its board on Wednesday to discuss first-quarter financial performance.

Qatar's index rose 0.4%, led by a 1.9% increase for Industries Qatar. Qatar has extended a programme that provides guarantees to local banks from the Qatar development bank, with interest-free loans for a full year instead of six months, the state news agency reported on Tuesday. In Egypt, the blue-chip index closed 0.8% up, with market heavyweight Commercial International Bank Egypt gaining 1%.

Copyright Reuters, 2020