World Markets
PFE

MIDEAST STOCKS-Major Gulf stocks track global rally on hopes of virus vaccine by year end

Credit: REUTERS/HAMAD I MOHAMMED

Major Gulf stock markets rose in early trade on Monday, tracking a rally in their global peers triggered by expectations of a coronavirus vaccine by the end of this year.

Oct 19 (Reuters) - Major Gulf stock markets rose in early trade on Monday, tracking a rally in their global peers triggered by expectations of a coronavirus vaccine by the end of this year.

Drugmaker Pfizer Inc PFE.N said on Friday it could have a coronavirus vaccine ready in the United States by the end of this year.

Saudi Arabia's benchmark index .TASI rose 0.2%. Saudi Basic Industries (SABIC) 2010.SE increased 1.1%.

SABIC and Saudi Aramco 2222.SE have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.

"SABIC and Saudi Aramco remain committed to continue advancing crude to chemicals technologies through existing development programs with the goal to increase cost efficiency, competitiveness and value creation opportunities for petrochemicals" the petrochemical maker Said.

However, Aramco was down 0.1%.

Elsewhere, Yanbu National Petrochemical (Yansab) 2290.SE rose as much as 0.8%.

Yansab reported nearly an 8% drop year-on-year in the third-quarter profit to 195.6 million riyals ($52.15 million). The quarterly profit, however, saw a nearly 337% surge when compared to the previous quarter as average sales prices improved during the third quarter and saw higher sales quantity.

Dubai's index .DFMGI was up 0.5% as the blue-chip developer Emaar Properties EMAR.DU rose 1.2% and Emirates NBD Bank ENBD.DU gained 0.5%. The lender's board will meet in the day to discuss the third-quarter financial results.

The Abu Dhabi index .ADI inched up 0.2%. First Abu Dhabi Bank FAB.AD was up 0.4%, while Emirates Telecommunication ETISALAT.AD edged up 0.2%.

The Qatari index .QSI gained 0.2% with the Gulf's largest lender Qatar National Bank QNBK.QA advancing 1.2%.

Qatar Gas Transport (Nakilat) QGTS.QA added 1.1% . The gas transporter is slated to report its third-quarter results later in the day.

($1 = 3.7505 riyals)

(Reporting by Maqsood Alam in Bengaluru; Editing by Rashmi Aich)

((Maqsood.Alam@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

PFE FAB

Latest World Markets Videos

U.S. and China Relations And International Business

Jan 20, 2022

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More