Most of Gulf stock markets rise amid easing coronavirus restrictions

Most of Gulf stock markets surged on Sunday buoyed by gains in banking shares and because some countries in the region had eased coronavirus restrictions during the holy month of Ramadan.

Saudi Arabia’s benchmark index added 2.4 percent, with Al Rajhi Bank’s shares rising 2.3 percent, Reuters reported.

Saudi Arabia’s King Salman has issued an order to limit a curfew across the kingdom to 9 a.m. to 5 p.m. starting Sunday through Wednesday May 13, while maintaining a 24-hour curfew in Mecca and in previously isolated neighbourhoods, according to state news agency (SPA).

The order also included reopening some economic and commercial activities, which involves wholesale and retail shops in addition to malls, from 6 to 20 Ramadan, which is April 29 to May 13.

In Dubai, the index inched 1.9 percent higher. The city allowed on Thursday cafes and restaurants to resume business, while shopping malls would be partially opened from 12 p.m until 10 p.m. with a maximum capacity of 30 percent, according to a statement by Dubai’s media office. It would also allow resuming public transportation services including subways starting April 26.

Abu Dhabi’s index added 2.1 percent buoyed by a 3.2 percent rise in top lender First Abu Dhabi Bank.

The UAE central bank said commercial banks have used 30 billion dirhams ($8.17 billion) of a 50-billion-dirham “liquidity facility” the regulator introduced in a bid to ease the impact of the coronavirus outbreak, Reuters reported.

In Qatar, benchmark index gained 0.1 percent.