Sunday, July 5, 2020

Middle East Stocks Rise as Oil Stabilizes, Economies Slowly Reopen but Many Markets Closed for Eid Holiday

Mideast shares advanced but volumes were thinner than usual due to many markets, including Saudi Arabia, being closed for the week-long Eid holiday.

Stocks advanced on hopes for a pick up economic activity as more economies around the world slowly reopen and oil prices rise.

On Monday, Crown Prince Sheikh Hamdan bin Mohammed said Dubai will begin allowing free movement and business activity to restart from Wednesday.

Abu Dhabi gained 0.5% to 4,134 points, Dubai jumped 2.4% to 1,984 points, Bahrain dipped 0.1% to 1,270 points, Oman advanced 1.1% to 3,446 points and Kuwait rallied 3% at 5,453 points.

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