UAE markets to close for Eid holiday

UAE markets to close for Eid holiday

The UAE's three bourses will be closed for two or three days for the Eid holiday, depending on the sighting of the moon, the market regulator said on Monday.

August 13, 2012 4:25 by Reuters

The UAE’s three bourses will be closed for two or three days for the Eid holiday, depending on the sighting of the moon, the market regulator said on Monday. The Eid al-Fitr holiday for financial markets will start on the 29th day of Ramadan, which corresponds to August 17, the Securities and Commodities Authority said in a statement.

It will run until the third day of Shawwal, which may fall on August 20 or 21. Markets will resume on the fourth day of Shawwal, either August 21 or 22, the regulator said.

The beginning of Shawwal, the month that falls after Ramadan on the lunar calendar, depends on the moon sighting. Eid al-Fitr marks the end of the Muslim fasting month of Ramadan.

(Reporting by Nadia Saleem)