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

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