Qatar leads most Gulf bourses higher; Egypt plummets

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Qatar leads most Gulf bourses higher; Egypt plummets

On Sunday, a barrage of Mideast bourses had rounded off the session modestly higher with Qatari bourse leading the tally of the gains following a giant leapfrog in financial shares, while Egypt’s blue-chip index pummelled.

In point of fact, Sunday’s Gulf markets had largely echoed the gains of a gauge of global stock indices last week, while investors’ sentiments remained jubilant over hopes of a pandemic vaccine as early as by December 2020.

In actuality, following reveal of an encouraging news regarding the efficacy of Moderna and Pfizer Inc. pandemic vaccine, global money markets remained upbeat over the past two weeks, while Sunday’s rise in almost all of the major Mideast stock indices appeared to be prompted by Pfizer Inc.’s latest move to file an application in US FDA for emergency use of its pandemic vaccine, bolstering views that a pandemic vaccine could be available as early as end-2020.

Gulf bourses edge higher after encouraging pandemic vaccine news

On top of that, as a number of market participants across Mideast bourses seemed to be looking beyond the worries stemmed from a triumph of US President-elect Joe Biden, who is expected to unleash a raft of major policy changes in the United States’ foreign relationship, Saudi’s benchmark index rose by 0.1 per cent, boosted by a 5.1 per cent surge in the shares’ price of Dr Sulaiman Al-Habib Medical Services, while last Thursday’s decision from the Saudi Government to nearly triple its value added tax in a bid to undermine the impacts of a lower oil revenue had kept a lid on the gains.

Besides, Dubai’s main index added 0.4 per cent following a 1 per cent rise in Emaar Properties, while Abu Dhabi’s main index gained 0.4 per cent, largely catalysed by a 1.9 per cent rise in UAE’s largest lender First Abu Dhabi Bank.

Elsewhere in the Mideast, Qatari bourse surged 0.9 per cent with the Gulf’s largest lender, Qatar National Bank, climbing as much as 4.4 per cent. Outside the Gulf, Egyptian blue-chip index ebbed off 0.4 per cent, mostly wounded by a 0.6 per cent decline in the shares’ prices of Commercial International Bank.