Mideast bourses rise as pandemic-led lockdowns relax over Ramadan

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Mideast bourses rise as pandemic-led lockdowns relax over Ramadan

On Sunday, the 26th of April 2020, a gauge of Gulf bourses had eked out gains as a number of Mideast countries had eased isolation measures and lockdowns due to the Ramadan, while some countries had reportedly allowed business activities and reduced curfew hours.

As a matter of fact, the Saudi Press Agency was quoted King Salman as saying earlier on Sunday (April 26th) that a royal order was issued to lift the curfew in all regions of the Kingdom of Saudi Arabia due to the Ramadan between local time 9 a.m.

and 5 p.m., which eventually had tuned up the tone of Riyadh stock exchange on Sunday’s (April 26th) market, and the Saudi’s main index had wrapped up the day 3.5 per cent higher with Saudi state-backed oil giant Aramco adding 0.3 per cent.

Besides, the Dubai bourse climbed 3.5 per cent following a 6.1 per cent leapfrog of Emaar properties, while the Abu Dhabi index surged 2.9 per cent, led by the gains of First Abu Dhabi Bank which had winded down the day 3.6 per cent higher.

Elsewhere in the Gulf, the Kuwaiti bourse gained 1 per cent following Friday’s (April 24th) unprecedented jump of crude oil futures’ prices, while Egypt’s main index rose by 2.5 per cent, almost entirely buoyed up by a 4.1 per cent upsurge of Commercial International Bank, the largest private lender in Egypt serving since 1975.