Mideast Stocks: Dubai gains in early trade; other major markets quiet

In Dubai, the index gained 1%, with blue-chip developer Emaar Properties rising 1.9% and sharia-compliant lender Dubai Islamic Bank adding 1%

  

The Dubai stock market advanced on Monday after Dubai Financial Market (DFM), the emirate's main stock exchange, said it will reopen its trading floor for investors from Tuesday, while other major Gulf bourses were little changed.

The DFM trading floor and customer affairs counters were temporarily closed in mid-March to contain the spread of the novel coronavirus.

In Dubai, the index gained 1%, with blue-chip developer Emaar Properties rising 1.9% and sharia-compliant lender Dubai Islamic Bank adding 1%.

The Abu Dhabi index was up 0.3%, supported by a 2% rise in aquaculture firm International Holding.

The United Arab Emirates (UAE) non-oil private sector grew in June for the first time this year, emerging from months of contraction as coronavirus restrictions were lifted, a survey showed on Sunday.

The seasonally-adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 50.4 in June from 46.7 in May, edging above the 50.0 mark that separates expansion from contraction.

Saudi Arabia's benchmark index edged up 0.1%, helped by a 0.3% increase in Al Rajhi Bank and a 1.1% gain in Dr Sulaiman Al-Habib Medical Services.

Qatar's index ticked up 0.1%, with market heavyweight Industries Qatar gaining 1.5%.

(Reporting by Ateeq Shariff in Bengaluru; editing by Barbara Lewis) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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