DUBAI: Saudi Arabian shares closed up on Tuesday, reversing earlier losses following the kingdom's decision to bar arrivals from abroad to attend the annual Hajj pilgrimage due to the coronavirus, while property shares boosted Dubai's index.
Saudi Arabia's benchmark index ended up 0.1%, helped by a 2.2% gain in Dr Sulaiman Al-Habib Medical Services.
The kingdom is to limit the number of domestic pilgrims to around 1,000 to prevent the spread of the coronavirus, after barring Muslims abroad from the rite for the first year in modern times.
Official data showed that Saudi Arabia earns around $12 billion a year from Hajj and the year-round pilgrimage Umrah.
The week-long Hajj is due to start by the end of July.
Dubai's main share index advanced 1.4%, extending gains from the previous session after the emirate announced on Sunday that it would allow tourists to enter from July 7 in a further easing of its coronavirus-related lockdown.
Emaar Malls, owner and operator of the world's largest shopping centre Dubai Mall, surged 7.4%, whereas its parent company Emaar Properties was up 1.8%.
The Abu Dhabi index eased 0.6%, driven down by a 1.4% fall in the country's largest lender First Abu Dhabi Bank.
On Monday, rating agency Fitch said asset quality of United Arab Emirates banks is under pressure.
The Qatari index was flat, with Qatar National Bank rising 1.7%.
The lender is set to raise 1.2 billion Chinese yuan ($169.87 million) through five-year bonds it sold on Monday with a 3.85% annual rate.
The blue-chip index in Egypt gained 0.2%, bolstered by a 6.6% increase in investment bank EFG Hermes.
Egypt will from Saturday lift a night-time curfew that had been imposed since March 25 to curb the spread of the new coronavirus, the prime minister's media adviser said.
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