Dubai Financial Market jumped 1.9% by reopening of the market after Covid-19

UAE

The UAE and other major Gulf markets jumped on the first trading day of the week as governments started to ease restrictions on the movement of people and partially opened certain sectors in the wake of the Covid-19 pandemic. Dubai Financial Market jumped 1.9%, led by Emaar Malls, Air Arabia, Dubai Islamic Bank, and insurance companies. In addition to Dubai Financial Market, also, Abu Dhabi Financial Market jumped 2% on the back of a 14% gain in International Holdings Co., a 5.4% rise in Abu Dhabi Ship Building, and a 3.4% surge in Dana Gas.

Dubai eased restrictions on the movement of people and also allowed shopping centers, malls, and beauty salons to be partially opened. The Kingdom of Saudi Arabia also partially lifted the curfew in all regions of the Kingdom from 9 am to 5 pm, starting from Sunday to Wednesday, while keeping the curfew 24 hours a day in the city of Mecca and previously isolated neighborhoods.

In addition to the ease of the curfew in the region, a recovery in oil prices on Friday gave a boost to regional exchanges. WTI crude rose 2.7% or $ 0.44 a barrel to $ 16.94, while Brent rose 0.52% to $ 21.44 over the weekend.

Saudi Arabia’s Tadawul rose more than 2.3% to 6,757.8 points. Riyadh also allowed the opening of some economic and commercial activities that include wholesale and retail stores in addition to shopping centers.