Mideast Stocks: #Dubai retreats, driven down by Emirates NBD and DIB | ZAWYA MENA Edition

Mideast Stocks: Dubai retreats, driven down by Emirates NBD and DIB | ZAWYA MENA Edition:

Saudi Arabia's stock market edged up in choppy trade on Sunday as the kingdom ended a nationwide coronavirus curfew, while indexes in the United Arab Emirates retreated after Moody's revised its outlook for some of its banks.

The benchmark index in Saudi Arabia rose 0.3%. Petrochemical company Saudi Basic Industries added 0.6% and Riyad Bank gained 0.9%.

The kingdom will end a curfew and lift restrictions on businesses from Sunday after three months of lockdown to curb the spread of the new coronavirus, state news agency SPA quoted an interior ministry source as saying on Saturday. 

However, restrictions will remain in place for religious pilgrimages, international travel and social gatherings of more than 50 people.

Saudi Arabia has recorded the highest number of COVID-19 cases in the six-nation Gulf Cooperation Council.

In Dubai, the index dropped 0.9%, driven down by a 2.9% fall in Emirates NBD Bank and a 2.3% decline for sharia-compliant lender Dubai Islamic Bank (DIB).