Gulf stocks end higher as Saudi extends gain for a sixth straight session; Dubai dips

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Gulf stocks end higher as Saudi extends gain for a sixth straight session; Dubai dips

On Sunday, Saudi’s main index had led the rallies in major Mideast bourses, riding over the gains of healthcare and utility shares ahead of a likely rollout of a pandemic vaccine as early as by mid-December, though Dubai’s main index had snapped its five-day long winning streak.

Besides, Sunday’s Mideast bourses had largely mirrored last week’s market optimisms which had largely been fuelled up by the recent development of a potential pandemic vaccine, as Saudi’s main index had wrapped up the day 0.2 per cent higher with Dr.

Sulaiman Al-Habib Medical Services Group mushrooming as much as 8.7 per cent ahead of its inclusion into the MSCI’s Global Standard Index as early as by Monday. Aside from that, adding further bullish wind to Saudi’s main index, Saudi Electricity jumped 3 per cent on Sunday after the US-based global rating agency Moody’s had upgraded the utility company’s rating to “A1” later last week.

In tandem, Saudi Pharmaceutical Industries & Medical Appliances Corporation leapfrogged 5.5 per cent after the company had been quoted saying that it had signed a MoU (Memorandum of Understanding) with German pharmaceutical company CureVac in order to supply and distribute a pandemic vaccine.

Saudi leads rallies of major Gulf bourses; Dubai drowns

Nonetheless, following a 1.9 per cent decline of shares’ prices of the UAE’s largest lender Emirates NBD, Dubai’s main index dipped 0.8 per cent, snapping a five-session long streak of gains, while Abu Dhabi’s main index added 0.3 per cent following a 1.3 per cent rise of Emirates Telecommunications.

Elsewhere in the Middle East, the Qatari bourse ended the day 0.1 per cent lower with a majority of its components rounding off the session in a red ink.

Outside the Gulf, the Egyptian blue-chip index winded down the day 0.3 per cent higher as Commercial International Bank of Egypt added 0.2 per cent, while Egypt’s leading tobacco firm Eastern Company soared as much as 1.1 per cent.

Nonetheless, a 0.7 per cent plunge in the shares’ prices of Egyptian utility firm El Sewedy Electric had kept a lid on the gains.