The UAE and other major Gulf markets jumped on the first trading day of the week as governments began easing restrictions on the movement of people and opened certain sectors partially in the wake of the Covid-19 pandemic.
Dubai Financial Market jumped 1.9 percent, led by Emaar Malls, Air Arabia, Dubai Islamic Bank, and insurance companies.
Abu Dhabi Financial Market jumped two percent on the back of 14 percent gain in International Holdings Co., a 5.4 percent rise in Abu Dhabi Ship Building, and 3.4 percent surge in Dana Gas.
Dubai has eased restrictions on the movement of people and also allowed shopping malls, commercial centers, and salons to open partially. Saudi Arabia also partially lifted the curfew in all regions of the Kingdom from 9 am to 5 pm, starting Sunday through Wednesday, while keeping a 24-hour curfew in the holy city of Makkah and in previously isolated neighborhoods.
In addition to ease of curfew in the region, recovery in oil prices on Friday also gave a fillip to the regional bourses. WTI crude was up 2.7 percent or $0.44 a barrel to $16.94 while Brent rose 0.52 percent to $21.44 on the weekend.
Saudi Arabia's Tadawul surged over 2.3 percent to 6,757.8 points. Riyadh also allowed the opening of some economic and commercial activities, which include wholesale and retail shops in addition to malls.
Muscat Securities Market rose 0.27 percent to 3,491 points, Boursa Kuwait jumped one percent to 5,076 points while Bahrain and Qatar bourses were flat.
