Major stock exchanges in the Middle East rose today, Monday, with growing optimism about easing measures to combat the Corona virus, which boosted appetite for risk among traders.
In Dubai, the index increased by 1.5%, with the largest of the emirate’s banks, Emirates NBD, increasing by 2.8%, and Emaar Properties advancing by 1.6%.
Dubai last week lifted restrictions on transportation and allowed the resumption of corporate activities.
The UAE, which suspended entry of non-citizens on March 19, said last month that it would soon begin allowing residents of overseas residency holders who have families in the Emirates to enter the country.
The Abu Dhabi index increased by 0.7%, supported by a 1.2% rise in the share of Etisalat, and Abu Dhabi Commercial Bank by 3.4%.
In Qatar, the main index increased by 2%, supported by the rise of “I want” 10%.
The main index of Saudi stocks rose by 1.1%, the shares of the Saudi Basic Industries Corporation “SABIC” jumped 2.6%, and Al-Ahly Commercial contributed 2.1%.
Earlier, the official news agency, SPA, reported that the restrictions imposed in the kingdom would begin easing them in three phases until they culminated in a complete lifting of the curfew, with the exception of the holy city of Mecca, starting June 21.