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  4. UAE exchanges to remain shut from date of Eid moon sighting to third day of celebrations

UAE exchanges to remain shut from date of Eid moon sighting to third day of celebrations

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Upstox

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2 min read • Updated: April 8, 2024, 8:40 PM

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Summary

Eid-al-Fitr 2024 moon sighting: If Eid al-Fitr is observed on Tuesday, then the stock markets in the UAE will remain shut till Thursday. If the moon is not sighted today, then Eid will be celebrated on Wednesday, and the bourses will reopen next week, on April 15. In India, April 11 (Thursday) has already been notified as the date of closure for stock markets and banks.

The UAE human resources ministry has also asked the private sector to provide paid holidays to employees for four days on account of Eid al-Fitr.
The UAE human resources ministry has also asked the private sector to provide paid holidays to employees for four days on account of Eid al-Fitr.

Eid-al-Fitr 2024 moon sighting updates: The financial markets of the United Arab Emirates (UAE) were closed on Monday (April 8), on account of Eid moon sighting. The closure will continue till the third day of Eid al-Fitr celebrations, as per an official circular.

The Securities and Commodities Authority (SCA), the apex market regulator of the Emirates, held consultations with the bourses and the Dubai Gold and Commodities Exchange (DGCX) regarding the date of closures, the circular noted.

Accordingly, it was decided that the Abu Dhabi Securities Exchange and the Dubai Financial Market will remain shut on 29th Ramadan (April 8) as Muslims would be sighting the moon to mark the end of the holy month. The first date of the next Islamic month, Shawwal, is celebrated as Eid al-Fitr. The two bourses will remain closed till the third of Shawwal, it noted.

This means that if the crescent is sighted on Monday, then the stock markets will remain closed till Thursday (April 11). If the moon is not sighted on Monday, then Eid will be observed on Wednesday (April 10), and the markets will remain closed till Friday (April 12). The trading, in that case, will resume only after the weekend on Monday (April 15).

Will the stock market remain closed in India on Eid al-Fitr?

The two bourses – BSE and the National Stock Exchange (NSE) – will remain shut on Thursday (April 11), which has been notified as a public holiday in most parts of India. The festival is observed by the country’s Muslims, whose population is estimated at 17.2 crore, as per the last census.

However, the date of Eid observance may vary in India, as it depends on the sighting of the moon. The lunar cycle in all parts of the country, except for Kerala, is a day behind the Middle East.

Due to this, the moon sighting will be attempted on Tuesday (April 9), and if the crescent is sighted, then Eid will be observed on the following day. In case of no moon sighting, Eid will be observed on Thursday (April 11).

However, the date of holiday for stock markets and banks has already been notified as April 11.