Gulf bourses are making weekly gains thanks to vaccine hopes

Abu Dhabi shares closed lower yesterday, but all major Gulf stock exchanges made weekly gains amid optimism about Covid-19 vaccine developments.
Global financial markets rose for most of the last two weeks’ sessions, after the American “Pfizer” and “Moderna” and the British “AstraZeneca” issued positive data on the effectiveness of their vaccines. Investors are optimistic that advances in vaccines will help economies recover faster than expected. Oil fell from its highest level in seven months, as signs of growing supplies helped halt the rise of its leaders, in hopes of reviving fuel demand thanks to progress in combating the Covid-19 pandemic.
According to “Reuters”, the Abu Dhabi index closed down 0.3 per cent to 4,972 points, but managed to achieve a weekly rise of 1.2 per cent, registering an increase for the ninth consecutive week. The biggest loser during the session was First Abu Dhabi Bank, which fell 0.5 percent, and Etisalat, which fell 1 percent.
The index rose for the fifth session in a row, increasing 0.3 percent to 2,420 points, and Dubai Islamic Bank advanced 0.7 percent. And Emirates Integrated Telecommunications Company “du” increased about 2 percent, while “Air Arabia” closed 2.5 percent higher.
The Dubai index rose 4.5 percent over the course of the week, posting gains for the third week in a row.
In Qatar, the index fell 0.1 percent to 10290 points, and the Commercial Bank of Qatar lost about 1 percent. The Bahrain index advanced 0.4 percent to 1,468 points. The Kuwait index rose 0.1 percent to 6,155 points. In Cairo, the main index of the Egyptian Stock Exchange fell 0.8 percent to 10981 points, and the Commercial International Bank lost about 1 percent.

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