Easing of restrictions boosts Saudi; other markets mixed

Saudi Arabia's stock market rose sharply in early trade on Sunday after the kingdom eased coronavirus-related restrictions, while other markets were little changed.

Saudi Arabia's benchmark index, which opened after a five session break, climbed 2.2pc, boosted by gains for banking shares. Al Rajhi Bank advanced 3.7pc and the country's largest lender National Commercial Bank traded 3.5pc up.

The kingdom will begin easing restrictions on movement and travel, more than two months after stringent measures were introduced to help curb the spread of the novel coronavirus.

Restrictions will be eased in three phases, culminating in the complete lifting of a curfew - apart from in the holy city of Mecca -- from June 21, the state news agency reported in a statement on Tuesday.

In Dubai, the index declined 0.7pc, with sharia-compliant lender Dubai Islamic Bank falling 1.4pc and lender Emirates NBD was down 0.8pc.

The Abu Dhabi index edged up 0.1pc, helped by a 0.5pc increase in the United Arab Emirates' (UAE) largest lender First Abu Dhabi Bank.

The UAE will reduce from Saturday by two hours a nightly curfew meant to prevent the spread of the novel coronavirus, the country's state news agency said on Friday.

Qatar's index lost 0.3pc, hurt by a 2.1pc fall in Qatar National Bank.