June 22, 2020 / 1:26 PM / 20 days ago

MIDEAST STOCKS-Dubai gains on further lockdown easing; Saudi retreats

    * Dubai allows foreign tourists to enter from July 7
    * All Saudi Arabian banks tumble
    * QNB to raise 1.2 bln Chinese yuan in 5-year bonds

    By Ateeq Shariff
    June 22 (Reuters) - The Dubai stock market advanced on
Monday after the emirate said it would allow tourists to enter
from July 7 in a further easing of its coronavirus lockdown,
while the Saudi bourse retreated with broad-based losses among
its constituents.
    Dubai's main share index rose 1.6%, with
sharia-compliant lender Dubai Islamic Bank and
Emirates NBD Bank both up 1.8%. Budget airline Air
Arabia jumped 5.3%.
    Dubai will also allow those with residency visas to enter
from Monday, the government media office said in a statement on
Sunday, more than two months after the United Arab Emirates
(UAE) introduced strict measures to curb the spread of the new
coronavirus.
    Last week, the UAE allowed citizens and residents to travel
to countries deemed low-risk for catching the coronavirus.

    Saudi Arabia's benchmark index retreated 1.2%,
pulled down by a 2.3% fall in petrochemical firm Saudi Basic
Industries and a 2.7% decline in Riyad Bank.
    "It's not surprising that the market is weak, since there is
no catalyst left," an analyst said, as the kingdom completed the
final phase of joining the FTSE emerging market index.
    The Abu Dhabi index edged up 0.3%, supported by a
0.8% gain in Emirates Telecommunications.
    In Qatar, the index lost 0.3%, driven by a 3.2% slide
in Qatar International Islamic Bank. However, the
index's fall was cushioned by a 0.5% rise in Qatar National Bank
(QNB).
    The Gulf's biggest lender by assets is set to raise 1.2
billion Chinese yuan ($169.61 million) through the sale of 3.85%
five-year bonds on Monday
    Egypt's blue-chip index fell 0.8% with Commercial
International Bank down 1.3%, while tobacco monopoly
Eastern Company fell 4.5%.
    
 SAUDI ARABIA          fell 1.2% to 7,260 points
 ABU DHABI            added 0.3% to 4,347 points
 DUBAI                  rose 1.6% to 2,091 points
 QATAR                lost 0.3% to 9,261 points
 EGYPT                  down 0.8% to 10,742 points
 BAHRAIN              gained 0.3% to 1,279 points
 OMAN                 eased 0.4% to 3,510 points
 KUWAIT               was up 0.4% at 5,506 points
 

($1 = 7.0752 Chinese yuan renminbi)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
  
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