Dubai Shares Drop on Restrictions
LONDON (Bloomberg) - Dubai’s main equities index led losses in the Persian Gulf after the city imposed fresh restrictions to contain the spread of the coronavirus. Banks in Kuwait advanced on potential resumption of dividend.
The DFM General Index fell as much as 1.6% on Sunday before trimming the losses to 0.7% at close. The benchmarks in Saudi Arabia, Oman and Qatar also finished lower, while the main gauge in Kuwait rose the most in the region.
Stocks in Dubai have risen the past few weeks on prospects for tourism and as a vaccination program in the United Arab Emirates picked up. But the emirate over the weekend announced that attendance at weddings, social events and private parties will be restricted to 10 people. Last week, it ordered hotels and restaurants to halt entertainment activities.
In Kuwait, lenders including National Bank of Kuwait, Kuwait Finance House and advanced after the central bank allowed lenders to distribute cash profit based on their 2020 financial results.
The DFM General Index fell as much as 1.6% on Sunday before trimming the losses to 0.7% at close. The benchmarks in Saudi Arabia, Oman and Qatar also finished lower, while the main gauge in Kuwait rose the most in the region.
Stocks in Dubai have risen the past few weeks on prospects for tourism and as a vaccination program in the United Arab Emirates picked up. But the emirate over the weekend announced that attendance at weddings, social events and private parties will be restricted to 10 people. Last week, it ordered hotels and restaurants to halt entertainment activities.
In Kuwait, lenders including National Bank of Kuwait, Kuwait Finance House and advanced after the central bank allowed lenders to distribute cash profit based on their 2020 financial results.