Middle Eastern Stocks Climb as States Start to Ease Virus Curbs

Equities across the Middle East climbed as authorities started to loosen curbs to contain the coronavirus.

In Dubai, the metro, public buses and taxi services were restored on Sunday as the emirate joined other cities around the world in relaxingstrict lockdowns. Malls and restaurants are allowed to open for 10 hours daily, but visitor numbers can’t exceed 30% of capacity.

Shares of Emaar Malls PJSC rose 3.4% as of 11:25 a.m. local time, and those of its biggest shareholder, Emaar Properties PJSC, climbed 2.9%. Dubai’s DFM General Index and Abu Dhabi’s ADX General Index advanced 1.9% each.

In Saudi Arabia, a curfew willpartially be lifted in all regions from April 26 through May 13, though 24-hour restrictions will remain in the Islamic holy city of Mecca. The Tadawul All Share Index rose 1.9%, with retailer United Electronics up 10%, the most allowed and more than any other of the 195 index members.

Israel’s TA-35 gained 2.1% after the government said over the weekend that it will allow more businesses to resume operations. Lenders Bank Hapoalim and Israel Discount Bank advanced 5.8% each.

Benchmarks in Kuwait, Qatar and Oman climbed as much as 0.7%.

Read more:

  • MIDEAST VIRUS DIGEST: Saudi, UAE Restrictions; One Million Tests
  • Emirates, Etihad to Operate Some Europe, Asia, Africa Flights
  • The Next Chapter of the Oil Crisis: The Industry Shuts Down
  • Relaxing Rules to Incentivize Kuwaiti Banks But Not Bold Enough

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