MIDEAST STOCKS-Rising oil prices aid Gulf stocks, Dubai outperforms


* Dubai begins immunising 12 - 15-year-olds * ADNOC Distribution ends losing streak * Saudi index rises for a sixth day * By Maqsood Alam June 1 (Reuters) - Most Gulf stock markets closed higher on Tuesday, spurred by rising oil prices, with Dubai leading gains with help from its strengthening COVID-19 vaccination drive. Brent hit $71 and was trading at its highest since March, on expectations of growing fuel demand during the summer driving season in the United States. The stock index in Dubai surged 1.4% after three consecutive days of decline, helped mostly by property and financials. The blue-chip developer Emaar Properties and Emirates NBD Bank climbed 2.5% and 1.5%, respectively. Dubai, the second-largest member of the United Arab Emirates federation, which has among the world's highest immunisation rates, has started offering the Pfizer-BioNTech, COVID-19 vaccine to 12-15-year-olds. Saudi Arabia's benchmark index was up 0.4% on its sixth consecutive day of gains, with telecom and financial shares rising the most. Saudi Telecom increased 3.4%, while Al Rajhi Bank and Riyad Bank were up 0.8% and 1.1%, respectively. The Abu Dhabi index ended 0.8% higher as ADNOC Distribution jumped 10%, ending a fifth-session losing streak. Last week, Abu Dhabi National Oil Company (ADNOC) raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit, ADNOC Distribution. Qatar's index was up 0.3% with Industries Qatar gaining 0.7% and Qatar Electricity and Water rising 2.2%. Outside the Gulf, Egypt's blue-chip index fell 0.7%, with most of its constituents closing lower. The largest lender, Commercial International Bank, led the losers, shedding 1.1%. Ibnsina Pharma Co, which reported a marginal rise in first quarter net profit on Monday, plunged 6.6%. SAUDI ARABIA was up 0.4% to 10,597 ABU DHABI added 0.8% to 6,613 DUBAI rose 1.4% to 2,837 QATAR gained 0.3% to 10,778 EGYPT lost 0.7% to 10,240 BAHRAIN shed 0.6% to 1,519 OMAN rose 1.1% to 3,894 KUWAIT was up 0.1% to 6,748 (Reporting by Maqsood Alam in Bengaluru; Editing by Nick Macfie)

Updated: June 01, 2021, 1:26 PM