UAE, GCC equity markets jump as businesses partially reopen

UAE, GCC equity markets jump as businesses partially reopen

The UAE and other major Gulf markets jumped on the first trading day of the week as governments began easing restrictions on movement of people and opened certain sectors partially in the wake of Covid-19 pandemic.. Dubai Financial Market jumped 1.9 per cent, led by Emaar Malls, Air Arabia, Dubai Islamic Bank and insurance companies.. Abu Dhabi Financial Market jumped two per cent on the back of 14 per cent gain in International Holdings Co., 5.4 per cent rise in Abu Dhabi Ship Building and 3.4 per cent surge in Dana Gas.. Dubai has eased restrictions on the movement of people and also allowed shopping malls, commercial centres and salons to open partially.. Saudi Arabia also partially lifted the curfew in all regions of the Kingdom from 9am to 5pm, starting Sunday through Wednesday, while keeping a 24-hour curfew in the holy city of Makkah and in previously isolated neighbourhoods.. 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 per cent or $0.44 a barrel to $16.94 while Brent rose 0.52 per cent to $21.44 on the weekend.. Saudi Arabia's Tadawul