DUBAI: Dubai's stock market ended higher on Tuesday, led by gains for Emirates NBD Bank after the emirate's biggest lender received regulatory approval to increase its foreign ownership limit.
The main share index in Dubai gained 1.1%, with Emirates NBD jumping 5.9% for its biggest intraday gain since April 9 after Monday's green light to lift its foreign ownership limit to 40% from 20%.
In the previous session, the lender retreated 1.9% on a 58% slide in second-quarter profit, having set aside more than $1.1 billion so far this year to cover expected bad loans in the face of the coronavirus crisis.
Egypt's blue-chip index advanced 1.7%, extending gains from the previous session, with 22 of the 30 stocks in the index rising.
That included heavyweight Commercial International Bank, which was up 2.4%.
Egyptian President Abdel-Fattah al-Sisi and US President Donald Trump on Monday agreed on the need to maintain a ceasefire in Libya and avoid an escalation between the forces fighting there, Egypt's presidency said.
Saudi Arabia's benchmark index closed 0.5% up, with Al Rajhi Bank and petrochemicals group Saudi Basic Industries gaining 0.7% and 1% respectively.
Telecoms company Etihad Etisalat (Mobily) rose 2.6% and National Shipping Company of Saudi Arabia (Bahri) was up 3.3% after both reported an increase in second-quarter profit.
The Saudi index had retreated on Monday after news that King Salman bin Abdulaziz, who is suffering from inflammation of the gall bladder, had been admitted to hospital.
The Abu Dhabi index rose 0.4%, helped by a 1.7% jump for the country's largest lender, First Abu Dhabi Bank.
However, the gains were capped by losses at Emirates Telecommunications Group ahead of its board meeting to approve second-quarter financials. In Qatar, the index added 0.3%, driven by a 2.5% gain by petrochemicals company Industries Qatar.
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