Middle Eastern Stocks Climb as States Start to Ease Virus Curbs
(Bloomberg) -- 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 relaxing strict 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 4.2% and those of its biggest shareholder, Emaar Properties PJSC, climbed 6.1%. Dubai’s DFM General Index and Abu Dhabi’s ADX General Index advanced 3.5% and 2.9%, respectively.
In Saudi Arabia, a curfew will partially 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 3.5%, the most since March 10, with bus operator Saudi Public Transport, retailer United Electronics, malls operator Arabian Centres and clothing retailer Fawaz Abdulaziz Al Hokair all up 10%.
Israel’s TA-35 gained 2.7% as of 3:29 p.m. after the government said over the weekend that it will allow more businesses to resume operations. The index climbed more than 20% from the lowest close in March earlier.
Benchmarks in Egypt, Kuwait, Qatar and Oman climbed as much as 2.5%.
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