Kuwait index falls, property shares hit Dubai – Markets


DUBAI: Dubai’s stock market ended lower on Wednesday, dragged down by property shares, while the Kuwaiti index dropped to a 9-week low as investors shunned stocks across the board.

Saudi Arabia’s benchmark index added 0.1%, with Saudi Telecom Company rising 2.3% and Al Rajhi Bank up 0.4%.

After trading hours, Saudi Telecom reported a second-quarter profit of 2.72 billion riyals ($725.31 million), down from 2.85 billion riyals.

In Kuwait, the index slid 3% as all its constituents ended in negative territory, including Kuwait Projects Company, which was down 2%.

Kuwait’s 91-year-old ruler Emir Sheikh Sabah al-Ahmad al-Sabah was admitted to hospital on Saturday for medical checks and underwent successful surgery on Sunday morning.

His office, in a statement carried by state news agency KUNA, did not specify what kind of surgery he had.

Dubai’s main share index dropped 1.1%, with blue-chip developer Emaar Properties shedding 2.2% and its unit Emaar Malls losing 2.8%.

Elsewhere, Emirates NBD Bank retreated 1.5%.

In Abu Dhabi, the index edged up 0.1%, helped by a 1.9% rise in Emirates Telecommunication Group (Etisalat).

The telecoms company reported an increase in second-quarter net profit.

The Qatari index slipped 0.1%, hit by a 1.9% fall in Qatar Insurance Company and a 0.4% drop in Qatar Islamic Bank.

Separately, Qatar Airways is seeking at least $5 billion in compensation from Saudi Arabia, the United Arab Emirates, Egypt and Bahrain for blocking it from their airspace, the state-owned carrier said on Wednesday.

Outside the Gulf, Egypt’s blue-chip index fell 0.9%, with Commercial International Bank declining 2.2%.

Egypt’s economic growth will slow to 3.1% in the fiscal year 2020/2021 that began this month due to the coronavirus pandemic, a Reuters poll showed on Tuesday, down from 3.5% forecast in a similar poll three months ago.

Source link

Leave Your Comments