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Sun 26 Apr 2020 11:30 AM

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Dubai stocks rise most in Middle East as countries start to ease curbs

Emaar Malls was among the biggest climbers in early morning trading

Dubai stocks rise most in Middle East as countries start to ease curbs

The DFM General Index advanced 1.7%, while Abu Dhabi’s ADX General Index fell 0.1%. Oman’s index was little changed.

Equities across the Middle East climbed as authorities started to loosen curbs to contain the coronavirus.

In Dubai, the metro, public buses and taxi services were restored on Sunday as the emirate joined other cities around the world in relaxing strict lockdowns. Malls and restaurants are allowed to open for 10 hours daily, but visitor numbers can’t exceed 30% of capacity.

Shares of Emaar Malls PJSC rose 3.4% as of 11:25 a.m. local time, and those of its biggest shareholder, Emaar Properties PJSC, climbed 2.9%. Dubai’s DFM General Index and Abu Dhabi’s ADX General Index advanced 1.9% each.

In Saudi Arabia, a curfew will partially be lifted in all regions from April 26 through May 13, though 24-hour restrictions will remain in the Islamic holy city of Mecca. The Tadawul All Share Index rose 1.9%, with retailer United Electronics up 10%, the most allowed and more than any other of the 195 index members.

Israel’s TA-35 gained 2.1% after the government said over the weekend that it will allow more businesses to resume operations. Lenders Bank Hapoalim and Israel Discount Bank advanced 5.8% each.

Benchmarks in Kuwait and Oman climbed as much as 0.7%.

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